Progress Capital Arranges $5.5 Million Loan for Acquisition of Industrial Building in Whippany, NJ
Kathy Anderson of Progress Capital arranged a $5,500,000 acquisition loan for Progress Realty Partners to purchase a 37,209 SF industrial/warehouse property located at 60 S. Jefferson Road, Whippany, NJ.
Tenants include:
- Desktop Metal Inc. – a very exciting and innovative 3D Metal Printing Company
- Langan Engineering – if you own CRE, I’m sure you have used Langan’s services at some point
- AWP – a provider of all things relating to safety. Think traffic control and cones as an example
- Spectrum 360 – an amazing company providing quality education and therapeutic programs for socially challenged individuals
Loan Details:
- $5,500,000
- 75% LTV
- 10 Year Term
- 30 Year Amortization
- 3.40% Rate
- Non-Recourse
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!
