Closed Loans

Brad Domenico Arranges $1,725,000 in Financing for Newly Constructed Aberdeen Starbucks

Progress Capital’s Brad Domenico was approached by ‘Aberdeen Retail Partners’ seeking to refinance a newly constructed building located at 1109 Route 34 in Aberdeen, NJ. The property is subject to a NNN lease with Starbucks Coffee. After construction was completed, the borrower sought to refinance $1,275,000 exiting their construction loan to a permanent mortgage. Appraised at $2,300,000, Domenico negotiated a $1,725,000 CRE Mortgage, representing a 74% loan to cost.

Key Terms of this loan include:

  • 4.45% Fixed for 7 Years
  • 3 Year Rate Reset
  • 10 Year Term with Final Balloon Payment
  • 30 Year Amortization
  • Limited Recourse
  • 3-3-2-2-1-1-0 Prepayment Schedule
  • Up to 10% Prepayment Per Year w/out Penalty

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

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