Progress Capital Arranges $17M Acquisition Loan for Office and Retail Site in NJ
Brad Domenico and Frank Stanislaski of Progress Capital secured a $17,000,000 commercial mortgage loan for Signature Acquisitions, a Cranford based investment firm to purchase 10 Independence Blvd., a 121,000 s/f office building with newly built retail pad featuring the only approved drive-thru in Warren, NJ.
The office building underwent a full renovation resulting in an updated atrium lobby, game room, state-of-the-art fitness center, modernized conference center and lounge. The recently developed 8,250 s/f retail pad will be anchored by Dunkin Donuts with the potential to add other quick service restaurants and the potential for light medical uses.
The four-story office property is part of the five-building, 650,000 s/f Independence Boulevard office park. Located just off Interstate 78, the site is close to Interstate 287 and routes 202 and 206, providing connectivity to both New York City and Pennsylvania.
“This property adds significant value to my client’s CRE portfolio. It’s very fulfilling to be able to arrange the financing needed to make it happen.” – Brad Domenico
Cushman & Wakefield brokered the transaction on behalf of the seller, American Equity Partners.
Progress Capital is a commercial mortgage broker with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.