Progress Capital Arranges $6.4 Million in Acquisition Financing for Piscataway Flex Building

Kathy Anderson of Progress Capital secured a $6,400,000 acquisition CRE loan for the purchase of a 59,572 SF industrial building located at 250 Circle Drive, Piscataway, NJ.

Terms included:

Loan Amount:                 $6,400,000

Rate:                                  2.95% Fixed for 7 Years with reset

LTV:                                    75%

Prepay:                              3-3-2-2-1-1-1

Escrow:                              The Bank closed with an environmental escrow pending additional testing to
                                             accommodate a TOE closing

The property is situated on 4.98 acres and contains a Class-B light industrial building with flexible use.  Built in 1981, the building includes a (4)-side loading configuration, 7 dock-high tailboards, 2 drive-ins, 3 rail doors, 31 car parking spaces, 26 trailer drops, 95’ – 175’ truck court depth and 2,220 SF of office space.   The location includes easy access to Routes 1 & 9, I-78, NJ Turnpike, Garden State Parkway, I-287 and Route 440-Staten Island, NY via Outer-Bridge Crossing.

Progress Capital is a NJ commercial mortgage broker with over $40 Billion in closed loans and $150 Million of directly funded bridge loans.  Since 1990, we have been providing Honest Advice and Expert Execution in order to help our clients get to the closing table… plain and simple!