Progress Capital Arranges $1.5 Million Loan For Retail Property in Scotch Plains
Caillin Boles of Progress Capital secured a $1,500,000 permanent mortgage for a 9,550 SF commercial retail property located at 2285 South Avenue, Scotch Plains, NJ.
Financing was provided by NVE Bank which included a 3% fixed rate for 5 years (with rate resets after) based on a 25 year amortization schedule.
The property was purchased by the principals in 2006 (debt financing also arranged by Progress Capital) and is currently 92% occupied with three tenants – Edward Jones & Company, New York Blood Center Inc. and Elite Performing Arts.
The site is located on South Avenue, which hosts a variety of restaurants and retail stores and offers only a five‐minute commute to the Garden State Parkway. The Phillipsburg‐Newark Expressway and US‐22 are also within close proximity to the property.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we have been providing Honest Advice and Expert Execution in order to help our clients get to the closing table… plain and simple!