$1,400,000 Secured for Land Acquisition and New Construction of Dollar General in Bellmawr
Dollar General Stores negotiated pre-lease terms with a client of Progress Capital to construct a custom fit-out 9,100 SF single-tenant retail building in Belmawr, NJ. The now vacant lot at 42 North Black Horse Pike, formerly the site of the Bellmawr Wonderbread Factory Bakery, was selected as a viable location.
Once decided, Brad Domenico secured $1,400,000 to acquire the land and fund the subsequent construction, representing 75% of total project costs. The loan is accompanied by a 12 month interest-only construction phase at a floating rate of WSJP + .50% with a floor of 4.75% and (1) 6 month extension option.
Upon stabilization the loan will convert to a permanent mortgage with a five year term, rate reset at 5 year UST + 275 bps with a floor of 4.75% and amortized over 25 years. Dollar General is subject to a 10-year lease with triple net terms and (3) 5-year extension options upon occupying the space. In addition, the borrower will adhere to a 3-2-1-1-1 prepayment schedule or pay .5% of the permanent loan amount should the loan not convert upon end of construction term.
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
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