Progress Capital Arranges $4.7 Million in Acquisition Financing for Retail Building in Elizabeth
Brad Domenico and Frank Stanislaksi of Progress Capital secured a $4,700,000 acquisition loan for the property located at 701 Spring Street.
Both Brad and Frank worked with TriState Capital Bank who provided an 18-month interest only loan.
The retail plaza is currently 89% occupied with a diversified tenant base of national and local tenants, including Dunkin Donuts, Los Gueros Taqueria and Ruben’s Companies. The two-story, 27,000 SF retail center has exceptional visibility and street frontage along the most highly trafficked highway in New Jersey (Route 1 &9). The property has over 58 parking spaces and encompasses 1.29 acres of total land.
The site is situated at the corner of Route 1 & 9 and North Avenue, along New Jersey’s most trafficked highway system and adjacent to the Newark Liberty International Airport, the largest airport in the NYC metropolitan area. Additionally, it’s just 1.5 miles away from New Jersey’s largest outlet mall, The Mills at Jersey Gardens, just blocks away from downtown Elizabeth, NJ.
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!