Abe Mann Arranges $18.9 Million Bridge Loan for NJ Retail Property
A valued client approached Abe Mann of Progress Capital with a request to obtain bridge financing needed to purchase a retail shopping center at a foreclosure auction in New Jersey.
The retail property encompasses 350,000 SF and was mostly vacant due to the closure of its big box anchor tenant. The sponsor was able to acquire this at auction way below replacement cost.
Abe Mann, along with Evan Boles worked with a national bridge lender to secure 75% LTV financing, a 12-month term plus extension options and open prepay penalty after 3 months.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple!