Progress Capital Arranges $23 Million Construction Loan for Branchburg Self-Storage Facility
Kathy Anderson and Caillin Boles of Progress Capital secured a $23,000,000 construction loan for a state-of-the art self-storage facility to be built at 3421 Route 22, Branchburg, NJ, owned by Irv Cyzner of Cyzner Properties.
The lender, Valley National Bank provided a 3-year interest-only construction loan with a permanent conversion option.
The property will feature 1,000 storage units of varying sizes within (3) two-story buildings. The new facility includes a covered boat/RV storage area, a vault holding 2,000 safety deposit boxes for storing valuables and 4,000 SF of specialized wine storage cave designed for restaurants and caterers. The property has additional acreage for the future development of 160 apartment units.
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As a leading commercial mortgage broker in New Jersey, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. 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.