COURT HOUSE – Cape Counseling Services, Inc. this week finalized $1.3 million in bond financing with the New Jersey Economic Development Authority (EDA) that will enable the agency to acquire, renovate and equip a 15,600-square-foot building on nearly two acres of land at 1129 Route 9 South in Middle Township.
The move will allow Cape Counseling to centralize many of its services.
The financing included a 20-year, $1.25-million tax-exempt bond, which was issued at a fixed interest rate of 4.25 percent for the first 10 years of a 20-year term.
Additionally issued was $50,000 in taxable bond financing, which closed at a fixed interest rate of 5.625 percent for the first 10 years of a 20-year term. Crest Savings Bank was the bond purchaser.
The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business.
The EDA is empowered under the Internal Revenue Code to issue conduit tax-exempt bonds to qualified businesses and nonprofit organizations.
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