Progress Capital Arranges Acquisition Financing for Somerset County Strip Mall
Brian Anderson and Eddie Miro of Progress Capital secured $8,900,000 in acquisition financing for the purchase of Franklin Court shopping center, a 42,116 square-foot retail strip sitting at 920 Hamilton Street, Somerset NJ.
Brian faced some challenges, including not meeting the bank’s minimum DSCR requirement, which jeopardized the loan amount needed by the borrower. By working with the lender, Brian managed to structure the deal to meet the 1.25 DSCR minimum requirement and secure $8,900,000 in loan proceeds at a 4.25% interest rate fixed for 5-years and 30-year amortization on behalf of his client.
While Franklin Court benefits from the surrounding residential neighborhoods and professional corporations, the center has been historically well leased, anchored by notable tenants such as Walgreens, KFC, Davita Dialysis and Dunkin Donuts.
Located in the heart of the nation’s largest metropolitan area, Somerset County is at the hub of Central New Jersey and contains a balance between urban and suburban neighborhoods and rural country sides. In the last 10 years, the city of Somerset has seen population growth with numerous local residential developments set to continue that trend. Fine residential communities, beautiful parks, excellent shopping areas, extensive farmlands, numerous historic sites and outstanding businesses and industries all make Somerset County a desirable place to live, work, and play.
PROGRESS CAPITAL is a commercial real estate mortgage advisory company specializing in arranging debt for commercial real estate owners and developers since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we get you to the closing table…Plain and Simple.