Progress Capital Arranges Acquisition Loan for Industrial Complex in PA
Kathy Anderson and Caillin Boles of Progress Capital worked on behalf of Progress Realty Partners and Commerce Park Investors, to secure $8,800,000 in acquisition financing for Park Place Center, a 143,000 SF mixed-use industrial/flex business park located along North Park Road, Wyomissing, PA.
Terms include:
- Loan Amount: $8,800,000
- Purchase Price: $11,750,000
- LTV: 75%
- Interest-Only: 12 Months
- Term/Amort: 10 Year Term/25 Year Amortization
Park Place Center spans across three parcels of land totaling 11.13 acres. The property features (10) one and two-story buildings ranging in size from 2,985 SF to 55,080 SF. While Park Place Center is stabilized, there is a value-add opportunity based on lease rollover and below market rents. One of the tenants is a 6,000 SF dispensary, which made financing slightly more challenging.
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.
