Progress Capital Arranges $3.2 Million in Acquisition Financing of Partially Vacant Retail Center in Flemington
Kathy Anderson along with Caillin Boles of Progress Capital secured a $3,200,000 loan for the acquisition of 268 Route 202 in Flemington, NJ.
This had all the ingredients of a difficult execution:
- Retail property that is 50% vacant
- Covid Conditions
- Gas station with compromised tanks
- Dry Cleaner with known contamination
On the plus side, the partnership that purchased the site is comprised of experienced retail owners and leasing experts all associated with Jeffery Realty Inc.
Amboy Bank was able to structure a credit facility that included a two-year interest only acquisition/renovation loan with a permanent option based on the stabilized value of the property. The significant environmental exposure was mitigated with a sizeable escrow that was partially funded by the Seller.
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 provide the financing options 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!