$1.15 Million Secured for Refinance of Wildwood, NJ Retail Structure
Brad Domenico arranged a $1,150,000 loan to refinance a single-story retail structure located at 4315 New Jersey Avenue in Wildwood, NJ. The loan is secured by the subject property which will be reconstructed to have 9,300 SF of leasable space. After planned renovations, Dollar Tree will occupy the space with a 10-year lease (plus 3 five-year options). The corner lot is ideally located on the prominent, heavily trafficked area of New Jersey Avenue which offers excellent visibility and large frontage of Montgomery Avenue. The loan amount represents a 75% loan to value ratio.
Brad worked with Lakeland Bank to provide the following key terms:
- 625% Fixed for 5 Years
- 25 Year Amortization
- 18-month Interest-Only During Renovation
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress