$10 Million Secured for Refinance of Brick, NJ Mixed Use Property

Kathy Anderson, Founding Partner of Progress Capital negotiated a $10,000,000 permanent mortgage loan for Jerald Development Group, for their the mixed-use building located at 101 Prosper Way in Brick, NJ. This 4-story property has 20,000 SF of ground floor retail space and 44 residential apartments on the upper three floors. It is located within the highly desirable retail hub of Brick Township with easy access to routes 70, 88, 549 and the Garden State Parkway. The loan amount represents a 70% loan to value ratio.

Kathy worked with Lakeland Bank to provide the following key terms:

• 4.60% Fixed for 7 Years
• 30 Year Amortization
• Equity Recapture
• SWAP breakage

The proceeds of the loan will be used to retire the existing debt and provide significant cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s real estate investment portfolio.

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