Progress Capital Arranges Acquisition Loan for Retail Center in New Jersey

Brad Domenico and Jack Subers of Progress Capital secured $4,900,000 in acquisition financing for Ken and Eric Lebersfeld of Capitol Lighting, Inc., to purchase a fully leased, 37,000-SF retail strip located at 416 Route 10, East Hanover, NJ.

The commercial strip center features a single-story retail building constructed in 1979.  Three retail tenants, including Amazing Savings and The Carpet Mill, have occupied the space for over 15 years with Planet Fitness occupying 49% of the strip.

East Hanover Township is a close-knit residential community, supported by a large commercial and business sector.  The center is ideally positioned along the Route 10 corridor, a vibrant retail and entertainment destination, along with easy access from I-287.

Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans.  With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.  CLOSING IS THE POWER OF PROGRESS.