$7.6 Million Negotiated for Refinance of an Owner-Occupied Venue/Catering Facility, Restaurant and Investment CRE in North Jersey
Progress Capital secured $7,600,000 for the refinance of a real estate portfolio, which included 8 investment properties and 2 owner-occupied special use properties. The special use properties include a 33,000 square foot wedding/banquet facility that the client has operated for over 50 years and an additional wedding/banquet facility that includes a separate dine-in restaurant and a newly renovated pub. The properties are located in Union and Somerset Counties.
Challenge: Securing financing for special use properties is never easy, especially if combined with an owner-occupied component.
Solution: Progress Capital secured a 5-year fixed rate at 4.75% with a 25-year amortization. The loan to value was 65%, which is customary for an owner-occupied loan, where the primary source of repayment comes from business operations versus rental income.
Leveraging our banking relationships and being able to present this loan in the correct fashion was the key to finding the right lending partner and ensure the client is well-positioned for long-term success.
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