Progress Capital Arranges Construction Financing for 30-Unit Apartment Building in NJ
New construction is heading to Springfield Avenue in Maplewood, NJ. As David May and Evan Boles of Progress Capital secured a $9,300,000 construction loan for their client to develop a 4-story, 30-unit apartment building at vacant site.
David and Evan worked with Peoples Security Bank, who provided 6.5% fixed rate construction loan.
Springfield Avenue is one of the main thoroughfares running through Springfield, NJ and the property has easy access to all kinds of restaurants, boutiques, shops, banks, grocery stores, bars, etc. Some local neighboring tenants include; Dollar Tree, 7/11, Advanced Auto Parts, Quick Check, Walgreens, Bank of America, Wawa, Hertz, Dollar General, Burger King, and a lot of local smaller shops in the area. The property is also right around the corner from Maplecrest Park, DeHard Park, and Maplewood Country Club. Commuters can easily travel into NYC by way of the Summit train station, only 12-minutes away or by driving into the city, which is a 45-minute car ride.
Progress Capital is a leading commercial mortgage broker 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.