Progress Capital Arranges $3.6 Million Construction Loan for Multifamily Development in Egg Harbor Twp.
John Libretti of Progress Capital secured a $3,600,000 construction loan for the property located at 2580 Tilton Road.
Construction financing was provided by JLJ Capital accompanied by favorable terms.
The borrower will utilize loan proceeds to complete a full gut renovation of the hotel structure that sits vacant on the 210,395 SF property. The former Courtesy Inn is set to be transformed to house 96 residential units spread out over 5 buildings. Of the 96 units, 20 will be affordable and the remaining 76 are free market units.
The site is located in the Township of Egg Harbor and the heart of Atlantic County. The area is a large and diverse community that provides great amenities and services including Storybook Land Park and the Atlantic County Bikeway that stretches for 7.5 miles. The development is just a short drive from Harbor Square, FAA William J. Hughes Technical Center, Steel Pier and Atlantic City Country Club. Nearby transportation includes the Absecon Commuter Rail (Atlantic City Line) and Atlantic City Airport.
Progress Capital is a commercial mortgage advisory firm 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.