$5.6 Million for Moe’s Anchored Shopping Center
Kathy Anderson of Progress Capital arranged $5,600,000 in financing for an acquisition, renovation and permanent loan for the shopping plaza at 745 Route 46 in Parsippany, NJ. When the property was originally acquired by Bruce Jeffery and his partners, it only had one tenant – Sleepy’s and was in desperate need of renovation.
Ocean First Bank was willing to provide the acquisition and renovation financing to initially acquire the property and has since provided increased proceeds as tenant spaces were leased. In addition to Moe’s, the center includes Harbor Freight, Verizon and Edible Arrangements. Loan terms include:
- 4% Fixed for 5 Years
- 24 months interest only
- 20 Year Amortization (Borrower’s Request)
- Flexible Prepay at 3-2-2-1-1
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