$7.6 Million Negotiated for Refinance of an Owner-Occupied Venue/Catering Facility, Restaurant and Investment CRE in North Jersey
David Cappello, Vice President at 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.
“Securing financing for special use properties is never easy, but when you combine that with an owner-occupied component, you have a real challenge”, said Cappello. “Owner-occupied financing is one of my core competencies at Progress. Not only understanding the financials but also the ethos of a business and their long-term growth strategy. For this deal, we were able to secure a 5-year fixed rate at 4.75% with a 25-year amortization. Our 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. I was very happy with the outcome we were able to achieve for this family-owned business. Leveraging my banking relationships and being able to present this loan in the correct fashion was the key to finding the right lending partner, ensuring my client is well-positioned for success over the long term.”
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