Bridgeton Refinance Nets $1.4 Million Cash Back to Borrower
A valued client acquired and initiated a series of capital improvements to the shopping plaza at 31 East Broad Street in Bridgeton, NJ. With their original mortgage reaching maturity, the principal sought Brad Domenico’s advisement to refinance the property and recapture invested equity. Domenico, of Progress Capital Advisors, was able to negotiate the ideal terms of the refinance while maximizing loan proceeds at a 75% LTV. This allowed the borrower to cash-out $1,400,000 to fuel the continued expansion of their portfolio.
The aforementioned building is a 47,750 SF retail strip center with 8 varying size retail units. The plaza is anchored by both a Family Dollar and Save-A-Lot Grocery Store and includes other tenants such as Rainbow Shops, Rent-A-Center and Carmelo’s Restaurant. At the time of the loan closing, 20 years remained on the lease with Family Dollar, 10 years with Save-A-Lot and 5 years with Rainbow Shops.
Additional key terms of this commercial real estate loan include:
- 4.375% Fixed for 7 Years
- Rate Resets – 5yr USTS+200bps with floor of 4.375%
- 12 Year Term
- 30 Year Amortization
- 5-4-3-1-1-1-0-5-4-3-2-1 Prepay Schedule
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