Progress Capital Arranges $2.62 Million in Commercial Loans for Mixed-Use Properties in Morristown
Caillin Boles of Progress Capital secured two permanent loans totaling $2,620,000 for the owner to refinance the existing mortgages on the properties located at 14 Pine Street and 40 Morris Street in Morristown, NJ.
Financing for both commercial loans was provided by Manasquan Bank, who yielded favorable terms.
Many may recall the ten-room shopping experience endured at The Golden Pineapple, which was designated as the centerpiece of the “Shops at 14 Pine Street” from 1996 to 2014. Since purchasing the property, the borrower has made various renovations to the 2-story building, including converting the upper level into an owner-occupied 3-bedroom/2.5-bath residential unit. The property is fully occupied and contains a 3,700 SF residential unit and 3,500 SF of retail on the ground floor.
40 Morris Street is a 3-story mixed-use building built in 1862. The property is 100% occupied with four (2-bedroom/1-bath) residential units on the upper floors and two retail units on the ground floor.
The historical town of Morristown is known for its National Historical Park and Washington’s Headquarters Museum at the Ford Mansion, which served as George Washington’s winter headquarters during the Revolutionary War. Both properties are strategically located one block from South Street or the center of Morristown’s downtown shopping and business district. The area hosts a variety of restaurants and retail stores and is considered an ideal place to own a business as the town serves as a destination for travelers, the foot traffic and daily visitors.
Since 1990, Progress Capital has closed 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. We consistently get our clients to the closing table… plain and simple!