45 Day Loan Close for National DG Portfolio
A large Manhattan commercial real estate investment and development firm entered into a purchase contract to acquire a national portfolio of NNN Dollar General stores. The client, who owns over 2,000 residential units and roughly 500,000 SF of commercial space in NYC, acquired this portfolio for $21.6 Million. The client’s goal was to properly leverage the acquisition to obtain a 10% +/- return on his investment.
On a very tight timeline (45 days to be exact), Brad Domenico of Progress Capital was able to secure a $16.25 Million acquisition loan for his client. Brad used his strong network of lending partners to successfully pair our client with a lender that met his specific requirements. The loan terms included:
- 10-year fixed rate
- 24 Months Interest Only
- Non-recourse
- 30 Year Amortization
- Result = 45 day loan close
“Brad and his team did an excellent job of not only finding a lender to meet our needs, but also of managing the entire financing process. We let Progress take the lead and we were able to close in 45 Days. I think the results speak for themselves.” — Borrower
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
