$9,000,000 Secured For Downtown Long Branch Mixed-Use New Construction
The downtown area of Long Branch, NJ is seeing a surge of commercial real estate activity now that the waterfront has been completely restored and repositioned with further expansion underway at Pier Village.
With Asbury Park’s revitalization several miles south, developers began eyeing Long Branch’s underutilized downtown. To aid in the redevelopment, the local government was able to secure the right to demolish buildings thus opening the door for a flurry of new construction projects designed at redefining the city. One such project is the construction of a 5-story 46-unit multifamily building, known as ‘The Transit Village,’ to be added to the existing single-story commercial retail asset at 231 Third Avenue.
Progress Capital’s Brad Domenico arranged financing for the acquisition of the existing commercial structure and approved development project, negotiating a $9,000,000 construction to permanent mortgage loan with the following terms:
- 24 Months Interest-Only
- Libor + 3.50%
- Permanent Conversion Option
- 5 Yr. FHLBNY + 225 BPS
- Declining Prepay
- 10 Year Permanent Term
- 30 Year Amortization
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