Progress Capital Negotiates the Acquisition & Financing Package for NC STNL New Construction
On behalf of a valued client, Progress Capital negotiated a $1,795,350 Permanent Mortgage for the acquisition of an STNL asset at 540 to 550 North Wesleyan Blvd in Rocky Mount, NC. The subject property is currently under construction and will encompass 4,200 SF of retail space divided into two separate units. At the time of acquisition, the property was being constructed and fit-out for a Starbucks and a Kay Jewelers which leased the space subject to an absolute triple-net (NNN) lease with a 10-year term. Progress Capital negotiated the sale and acquisition of the property while also arranging financing for the borrower to complete the purchase.
Key Points of the Starbucks / Kay Jeweler STNL Assets:
- 6.5% Cap Rate
- Acquired Directly from Developer
- Built to Suite
- 10-Yr Lease Term
- 4-5 Year Lease Ext. Option
- Comp. Starbucks existing in market, trading Sub 6% Cap
Key Points Regarding Financing Package:
- Purchase Price: $2,393,800
- Loan Amount: $1,795,350
- 75% Loan to Value
- 7-Year Fixed-Rate
- 25-Year Amortization
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
