Progress Capital Inks $4.8 Million in Acquisition Financing for Retail Shopping Center in Point Pleasant
Brad Domenico and John Libretti of Progress Capital secured a $4,800,000 loan for a trio of partners to purchase the 2-unit retail strip located at 1501-1513 Richmond Avenue. The property sits on 2.92 acres, contains 19,111 SF of leasable area and boasts 72 on-site parking spaces.
Even with the ongoing irregularity in the markets and challenges in underwriting credit risk resulting from the COVID-19 pandemic, both Brad and John negotiated favorable loan terms and closed the deal with Lakeland Bank.
Key terms:
- $4,800,000 Loan Amount
- 3.375% Fixed for 10 Years
- 30 Year Amortization
FACT: Right in the heart of the Jersey Shore sits Point Pleasant Beach, a small town in Ocean County with a world-class beach town atmosphere. Points of interest include the popular Jenkinson’s Boardwalk, known for its amusement park, miniature golf, aquarium and more. While neighboring off-boardwalk entertainment and dining include, Uncle Vinny’s Comedy Club, Europa South restaurant for Portuguese cuisine and the Point Pavilion Antique Center, named “The Best of Best” antique center in Ocean County by Asbury Park Press.
Anchor tenants, Walgreens has been operating at this site for over 10 years, while Keller Williams Realty recently had a brand-new fit out to accommodate 150 agents. Both occupants are secured by long lasting, double net (NN) and gross leases. Nearby major tenants include Dunkin Donuts, TD Bank, Wendy’s, Dollar Tree and many more. The site is also conveniently located near two train stations which provide direct access to New York City.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we have been providing Honest Advice and Expert Execution in order to help our clients get to the closing table… plain and simple!
