Progress Capital Arranges $7 Million CRE Loan for Middletown Shopping Plaza
On behalf of Jeffery Realty, Inc., Kathy Anderson, Founding Partner at Progress Capital secured $7,000,000 in permanent financing for the retail shopping center located at 1515 Route 35, Middletown, NJ.
Kathy worked with TriState Capital who provided the following loan terms:
- $7,000,000 Permanent Loan
- 3.70% Fixed for 10 Years
- 70% LTV
- 25 Year Amortization
Let’s do a quick rewind – Kathy arranged a $5,900,000 acquisition/renovation loan for the principals to acquire the leasehold and make needed improvements to the 1970’s style shopping center. The center included a 65,324 SF single-story retail building anchored by Staples, who agreed to downsize to 28,000 SF.
Fast forwarding to present – the center is completely renovated with a fresh look and is now fully occupied by Staples, Tractor Supply, D1 Sports Training and Mattress Warehouse. The property is located strategically within a key intersection from a new 100,000 SF Shop Rite anchored center. The street supports tremendous traffic traveling past this site on Harmony Road.
Progress Capital is a commercial real estate advisory firm 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!