Progress Capital Arranges $2.5 Million for Middlesex County Retail Properties
Retail… Vacancies…. Covid – OH MY!
Kathy Anderson and Caillin Boles of Progress Capital secured $2,500,000 in financing for two retail properties located in Edison and Woodbridge, NJ. Both properties were acquisitions with short closing timeframes with vacancies. The ability to get this to the finish line had everything to do with strong banking relationships and the Borrower’s proven history of repositioning retail assets throughout New Jersey.
Fulton Bank provided the following loan terms:
- $2,500,000 Loan
- 3.50% Fixed for 5 Years
- 6 Months Interest Only
- 25 Year Amortization
Built in 1950, the 8,000 SF retail center located at 774 Route 1 in Woodbridge is occupied by a 1,650 SF Starbucks with the balance of the center vacant. The Borrower is negotiating leases with two tenants to round out the center. The retail property located at 999 Amboy Avenue, Edison is comprised of 6,530 SF and contains 5 units, of which 4 are occupied on a NNN basis. The tenancy is made up of Amboy Bagel, Fratelli Pizzeria, a Dance Studio and a Convenience Store. Recent renovations to the property include an upgrade to the façade and tenant spaces.
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 consistently get our clients to the closing table… plain and simple!