Progress Capital Funds $2.5 Million for Lyndhurst, NJ Warehouse
A $2,500,00 loan was arranged by Brad Domenico to secure a 28,115 square foot warehouse building on a 1.08-acre site located at 1 Terminal Road. The subject is conveniently located along NJ-17 which is a lifeline to the George Washington Bridge, Lincoln Tunnel, NJ Turnpike, and Garden State Parkway. Brad negotiated a loan term of three (3) months with a fixed annual rate of twelve (12%) percent interest-only. No Yield maintenance with a $400,000 trailer left in for working capital. The trailer has the same rates with a 12-month term.
Along with the buyer having been in conversations with CubeSmart they have also had various meetings with Lyndhurst Twp. Planning Board about their business plans, and the town has shown support. CubeSmart has 43 various storage locations throughout the State of New Jersey.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress