$1.9 Million Arranged for New Construction of Retail Property
A $1,920,000 construction to permanent loan was arranged by Kathy Anderson for a valued client to acquire a two unit, single-story retail building at 1230 Morris Avenue in Union, NJ.
The property, a former Foot Locker, sits on a 0.84-acre site and is 7,934 SF. The construction plan is to convert the building from two units to three.
Kathy worked with Affinity Federal Credit Union to negotiate the following key terms:
- 24 Month I/O
- 25 Year Amortization
- No Prepayment Penalty
- 70% LTC
- 75% LTV
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