Brian Anderson Secures $2.68M Acquisition SBA 7A Loan for Medical Office Property in Montclair

Brian Anderson of Progress Capital arranged a $2,680,000 SBA 7A Loan for a valued client to acquire a 10,000 SF medical office building located at 89 Valley Road in Montclair, NJ.

Brian worked closely with all parties involved and closed the deal with TD Bank through Covid-19. TD Bank provided a fixed interest rate for 25 years and 90% LTV on a 25-year amortization schedule.

The building was built in 1954 and completely renovated in 2018. The owner occupies 5,000 SQFT of space, while two additional tenants occupy the remaining square footage. A parking lot is situated in the rear and provides 20 parking spots to accommodate tenants and patients.

The location of the property is in close proximity to the Watchung Ave, Walnut Street, and Bay Street Stations, each with service to New York City.

Montclair is most identified by its diverse population, grand old homes and its thriving arts community. The second largest university in the state resides in Montclair as well as an art museum, live theaters, art galleries and a wide range of boutiques. Montclair’s vibrant downtown is flushed with restaurants, movie theaters, shops and nightlife that attract visitors from all over the region.

Progress Capital is a commercial real estate mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…Plain and Simple.