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Progress Capital Arranges Refinance for Non-Profit Private School in NJ

Gabby Cali of Progress Capital secured $6,500,000 in refinancing for Pioneer Academy, a 168,050 SF educational facility located at 164 Totowa Road, Wayne, NJ.

Columbia Bank provided a non-recourse loan featuring a competitive 6% interest rate fixed for 5-years, a 10-year term and a 25-year amortization period.

The borrower will utilize the loan proceeds to pay off the existing mortgage debt on the school property and reinvest the remaining funds into constructing a brand-new gymnasium on the premises.

The centerpiece of this educational center is a Class A building that underwent a full gut renovation in 2013. This extensive transformation turned the building into a modern, well-equipped facility that meets the highest standards of educational excellence

Pioneer Academy, a non-profit school in Wayne, NJ sits on a generous 17.42 acre of land that caters to a wide range of students, from pre-kindergarten to grade 12. With its expansive 168,050 square feet of space, the academy accommodates a variety of educational programs that caters to a wide range of students from pre-kindergarten to grade 12.

The academy’s excellence in education has earned it a stellar reputation within the community.  The successful refinancing, ensures that Pioneer Academy can continue to inspire and nurture students, preparing them for a bright and successful future.

Progress Capital offers a comprehensive range of services tailored to meet the unique needs of each client.  Whether you are acquiring a new property, refinancing an existing loan, or in need of bridge financing, our team of experts will guide you through the entire financing process.

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