$14,000,000 Permanent Mortgage Negotiated in Refinance of Previously Arranged Construction Loan
West Windsor, NJ – Progress Capital arranged a $10,450,000 construction loan for a client to acquire and renovate Windsor Plaza, a 59,000 sf shopping center in West Windsor, NJ. At the time of purchase the plaza was 65% vacant. This was a particularly difficult loan to close as the purchaser, had to close within 45-days without approvals and the property had significant environmental contamination from a dry cleaning spill.
The Progress team was able to secure the necessary capital required to complete the acquisition, environmental remediation and renovations of the site. Once completed, Windsor Plaza was able to achieve 100% occupancy, leasing to tenants such as Bank of America, PJ’s Pancake House, Jake’s Wayback Burgers and Jimmy John’s Gourmet Deli.
Since fully stabilized, Progress Capital was able to secure a $14,000,000 permanent mortgage fixed at 4.75% for 15 years. The loan is accompanied by a 25-year amortization with an initial interest only period. This allowed the owner to retire the existing debt on the construction loan and recapture a portion of his vested equity.
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