Progress Capital Negotiates $2,775,000 for Acquisition of Neptune Retail Plaza
Brad Domenico, Partner at Progress Capital, secured a $2,775,000 non-recourse permanent mortgage for the acquisition of the retail strip plaza located at 36 State Route 35 in Neptune, NJ. The subject property is a newly renovated 18,150 SF retail shopping plaza at the former Wonderbread / Hostess Regional Bakery and Outlet. The plaza was 100% occupied and anchored by an 8,900 SF Family Dollar at the time of acquisition.
Domenico negotiated a 30 year term with 30 year amortization and an initial 5 year fixed rate period at 4.25%. The borrower will adhere to a declining pre-pay schedule. This loan represents 65% of the borrower’s acquisition cost.
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
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