Progress Capital Arranges $9 Million Construction Loan for Renovation Project in Red Bank
Kathy Anderson of Progress Capital gets the ball rolling for Denholtz Properties by securing $9,090,000 in construction financing to gut renovate a property ideally located in downtown Red Bank.
The lender, TriState Capital provided 18-months interest only based on a 25-year amortization.
Denholtz purchased a two-story office building and an adjacent parking lot located at 130 and 140-148 Broad Street. The 37,351 square foot building will undergo a complete gut renovation for leasing the entire second floor and possibly occupying the first floor as the company’s new headquarters.
Located in the heart of Downtown Red Bank, this property has a prime location on Broad Street. Red Bank is conveniently accessed by water, rail, bus and automobile, just one mile from the NJ Garden State Parkway’s Exit 109. A town of just over 12,000, Red Bank rests along the Navesink River, an estuary leading to the Atlantic Ocean. Home to the Count Basie and Two Rivers theaters, Red Bank boasts endless live, work and play possibilities.
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.