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Progress Capital Arranges $5 Million Acquisition Loan for Industrial Property in Newark

John Libretti of Progress Capital secured a $5,00,000 acquisition loan, enabling his client to purchase a 31,428 square-foot industrial property located at 175 Mount Pleasant Avenue, Newark, NJ.

By working in close collaboration with all parties involved, John facilitated loan financing with favorable terms for his client, while accomplishing a stream-lined closing.

The brick and concrete block construction building is located one block from Route 21 and is just one mile from downtown Newark.  The building was built in the 1960’s and currently occupied by a cabinetry making company that services Northern New Jersey and New York City.

The previous owner expanded the space a few years ago by adding a 28-foot high-bay warehouse at the rear of the building. The property features 5 bays, the ability to fit a 53-foot trailer, 4-phase heavy power and privately fenced parking, as well as street parking on both Mt Pleasant Avenue and on Broad Street. The ideal location offers easy access to Interstate 280, the New Jersey Turnpike, Port Newark/Elizabeth, Newark Liberty International Airport, and New York City.

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.

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