$3,152,500 Secured with 24 Months Interest-Only for Vacant Branchburg Industrial Building
Kathy Anderson, Managing Partner of Progress Capital, negotiated a $3,152,000 loan for SK Realty Management Investment group to acquire and subsequently renovate a vacant 52,000 SF manufacturing, warehouse and office facility located at 106 Meister Avenue in Branchburg.
The loan includes a 24-month interest-only period in which the borrower intends to fully renovate the existing structure on the property. Upon completion, the loan converts to a 5 year permanent mortgage with additional extension options. At a cost of $2,610,000 and estimated renovation expenses of $1,100,000, this loan represents an 85% loan to cost.
Additional key terms of this loan include:
- WSJ Prime + .75% w/ a floor of 5%
- 24-Months Interest-Only Converting to a Permanent
- 5 Year Permanent Loan w/ 5 Year Renewal Option
- 25 Year Amortization
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
