Progress Capital Arranges $8.77MM Loan for Multi-Tenant Retail Center ‘Manahawkin Plaza’
Manahawkin Plaza features a retail-office shopping center spanning over 140,000 square-feet along the highly visible E. Bay Avenue in Manahawkin, NJ.
Brian Anderson of Progress Capital secured $8,775,000 in refinancing for the owner, Izzy Linder, CEO of Seaside Furniture Shop and Gelco Furniture Gallery.
On behalf of his client, Brian negotiated with the lender to structure favorable loan terms, which included an attractive 4.85% interest rate, fixed for 5-years, based on a 30-year amortization schedule.
Manahawkin Plaza is a well-maintained 18-unit, multi-tenant property with a strong historical occupancy comprised of retail, education, fitness and medical tenants. The property was built in 1967 and has undergone several improvements over the years, including upgrades, tenant expansion and a complete façade renovation.
The property is ideally located in the heart of Manahawkin’s business district, right off the highly visible E. Bay Avenue. with nearby access to/from Route 72, the Garden State Parkway, and just miles from Long Beach Island.
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.