Progress Capital Arranges $1.5 Million in Acquisition Financing for Shrewsbury Office Building
David May and Evan Boles of Progress Capital secured a $1,500,000 acquisition loan for a 12,000 SF office building located at 20 Avenue at the Commons, Shrewsbury, NJ.
David and Evan worked with the borrower to conduct a partial 1031 exchange. Financing was provided by a local bank that included the following loan terms:
- $1,500,000 loan amount
- 3.65% Fixed for 10 Years
- 25-Year Amortization
The property contains a 2-story office building situated on a 2.7-acre lot that was built in 1980. Current tenant includes MedForce, a full-service medical communications company offering a comprehensive portfolio of services to the pharmaceutical and medical device industries.
Easy access to Route 35, the main North-South Road in Shrewsbury. The Garden State Parkway is also accessible in neighboring Tinton Falls or via CR 520 in Middletown.
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!