$1,666,000 Cash-Out to Borrower in $3.6 Million Refinance of Perth Amboy Retail Building
Brad Domenico, Partner at Progress Capital, negotiated $3,600,000 in the refinance of the 2-story 26,182 SF retail building located at 134-140 Smith Street in Perth Amboy. At the time of the refinance the borrower had just completed the fit-out for ‘Blink Fitness’ to occupy the second floor space under a 15 year lease agreement. Family Dollar occupies 10,659 SF of the street level retail space while Brenda’s Bakery and Food Store occupy the remaining 2,100 SF at street level.
The proceeds will be utilized by the borrower to retire existing debt on the property and recapture $1,666,000 in equity that will fuel the borrowers continued acquisitions of retail, mixed-use and multifamily buildings throughout New Jersey. This loan represent a 65% loan to value and is accompanied by a 7 year fixed rate of 4.25% amortized over 30 years with a five year extension option.
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