Progress Capital Arranges $1,452,000 for Bojangles Acquisition
Progress Capital arranged $1,452,000 in financing for the purchase / acquisition of the single-tenant building currently leased to Bojangle’s Restaurant located at 7610 Route 76. Upon acquisition 13 years remain on the property lease with Bojangle’s Restaurant. This includes (3) 5-Year Extension options on the term and 1.5% annual rent increases in net operating income to the borrower.
Additional key terms of this loan include:
- 4.75% Fixed for 7 Years
- 7 Year Term
- 25 Year Amortization
- 55% LTC
- No Prepayment Penalty
Totaling approximately 3,808 SF, the property is 100% occupied by the fast food restaurant chain, Bojangles’ Famous Chicken ‘n Biscuits. The property is a single-story retail building situated on approximately 1.976 acres of land along route 76 and Westinghouse Road. Route 76 is the primary east-west thoroughfare in the area experiencing traffic counts of 55,000 vehicles per day. The property features multiple points of ingress and egress making it easily accessible.
National retailers in the immediate area include Burger King, Dairy Queen, Dollar General, Wells Fargo, Bank of America, TD Bank and CVS Pharmacy. There are more than 187,126 people living within a five-mile radius of the property earning an average household income in excess of $53,000 per year.
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
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