Progress Capital Arranges Acquisition Loan for Multi-Tenanted Industrial Park in NJ
Kathy Anderson, Founding Partner of Progress Capital secured a $10,850,000 acquisition loan on behalf of Roy Pascal of Commerce Park Investors, LLC for the purchase of Salem Industrial Park, a 156,000 SF industrial/flex property located at 291 US Route 22 East, Readington Township, NJ.
- Loan Amount: $10,850,000
- Interest Rate: 5.875% Fixed for 3 Years with resets
- Interest Only: 18 Months
- Term/Amort: 25 Year Term / 25 Year Amortization
The 21-acre site contains (10) Class-B industrial buildings occupied by long-term tenants such as Intertek USA, Corporate Incentives and CURIA Global. The property offers 249 parking spaces, 14’-19’ ft ceiling heights with connecting warehouse area and loading dock.
Salem Industrial Park is situated within Hunterdon County’s most highly sought-after submarket of New Jersey. Its proximate location to Routes 78, 287 and 31, provides immediate access to the major distribution hubs in New Jersey for easy travel of New York and Pennsylvania.
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.