$1.5 Million for Teaneck Retail and Banquet Facility

Progress Capital arranged a $1,500,000 acquisition loan for the purchase and refurbishment of the 10,575 SF retail building located at 394-400 Cedar Lane.  The property is significantly vacant, and the borrower will be opening a 7,800 SF banquet facility.  Located in the heart of Teaneck’s 100-year-old main shopping district, this property offers prime space with high visibility amidst 175 other retailers on Cedar Lane.  Designated as a ‘Special Improvement District,’ this location provides additional government incentives for redevelopment, refurbishment and new construction opportunities.  The details for this loan include:

• 25% Fixed for 5 Years
• 25 Year Term / Amortization
• 3-3-2-2-1-0 Prepay

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