$3,190,000 Secured with 30 Months Interest-Only for New Construction of Blink Fitness Pad Site
Progress Capital Partner, Brad Domenico, negotiated a $3,190,000 construction to permanent loan for a valued client to build an additional 12,000 SF pad site at the existing retail strip located at 874 Springfield Avenue in Irvington, NJ. This loan is a second mortgage with the existing lender secured by an 85,850 SF retail shopping center which is fully occupied. The fitness center is a custom fit-out and subject to a long-term lease with Blink Fitness.
Domenico negotiated a 30 month interest-only construction period with a floating rate of LIBOR + 400 bps. Upon occupancy of the new building, the loan will convert to a permanent mortgage and the rate will be reduced to LIBOR + 335 bps for the remainder of the 25 year term based on 25 year amortization. The loan carries no prepayment penalty and is non-recourse upon occupancy of the newly constructed pad site.
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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