Progress Capital Arranges Acquisition Financing for Retail Center in NY
Brad Domenico of Progress Capital worked on behalf of Progress Realty Partners to secure $9,900,000 in acquisition financing for D&L Plaza, a 142,745 SF retail center located at 5165 & 5175 Broadway, Depew, NY.
Terms include:
- Loan Amount: $9,900,000
- Purchase Price: $16,250,000
- LTV: 61%
- Term/Amort: 5-Year Term/30-Year Amortization
Constructed in 1995, D&L Plaza stands as a vibrant retail hub in the Village of Depew, east of Buffalo, New York. Situated on an expansive 11.7-acre site, the plaza boasts a strategic location and offers 625 parking spaces. The plaza is anchored by the highly successful Tops Grocery Market and complemented by other major retailers like Big Lots, Dollar Tree, and Ace Hardware. D&L Plaza’s enduring success is rooted in its stable tenant base, which includes an impressive percentage of tenants that have occupied their spaces for 20 or more years.
The Village of Depew, spanning 5.1 square miles, straddles the towns of Lancaster and Cheektowaga. Located approximately 11 miles of Downtown Buffalo, Depew offers a charming and close-knit community setting. Transit Road, a major thoroughfare, runs north-south through the village, serving as a prominent retail corridor. While this portion of Transit Road is characterized by a mix of personal and medical services, it also houses a variety of regional and local retailers. This diverse blend of businesses creates a dynamic shopping experience for residents and visitors alike.
Since its inception in 1990, Progress Capital has established itself as a leading commercial real estate advisory firm, providing comprehensive financial solutions to investors, developers, and property owners. With a remarkable track record of closing over $40 billion in commercial loans and $150 million in directly funded bridge loans, Progress Capital has earned a reputation for excellence and reliability in the industry.
