Progress Capital Arranges $11.20M Fixed-Rate Construction Loan
Kathy Anderson, Founding Partner of Progress Capital has arranged an $11,200,000 construction loan for Dino Tomassetti of Asset Realty & Construction Group. Loan proceeds will be used to construct a 109,680 SF self-storage facility with approximately 776 units at 10544 Reisterstown Road in Owings Mills, MD.
- Loan Amount: $11,200,000
- Interest Rate: 6.30% Fixed
- Term: 8 Years (96 Months)
- Interest Only: 36 Months
- P&I: 60 Months
- Prepayment: None
The site is ideally located within a densely populated 3-mile radius of over 85,000 residents which is expected to grow 5.4% over the next few years. The average household income is $112,000 and the market is significantly undersupplied based on three, five- and 10-mile radius reports. The highly trafficked artery of Reisterstown Road/Route 140 is parallel to I-795 and just a few miles from I-695. Additionally, it’s in close proximity to Owings Mills Mall and Garrison Forest Plaza, which houses national tenants including Walmart, BJ’s, Sam’s Club, Party City, Best Buy, Panera and Chipotle.
Since 1990, Progress Capital has served New Jersey as a leading commercial lender, closing 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.