Progress Capital Secures $18.75 Million to Refinance the Galleria at Red Bank
The Galleria is one of the most famous and historic spots in Red Bank, NJ. When the owners decided to consider refinancing the building, they reached out to Rich Setteducati and Kathy Anderson of Progress Capital. “This iconic building has been owned by the Sourlis Family for more than 30 years, so we understood the value of the opportunity and the trust the family had in our ability to meet their needs,” said Kathy Anderson. After sourcing multiple lending options, the family decided to move forward with Investors Bank, who tailored very specific loan terms for this historic property.
The Galleria Red Bank (originally known as the Eisner Building), was constructed in 1907 with industrial-style architecture of great historical significance. During World Wars I and II, the building was the sight of a modern working textile factory, producing most of the uniforms worn by our men and women during the Wars in additions to flight suits and gas masks. Look inside any old army uniform or inside that WW II Air Force leather jacket and you may find the Eisner label. Later, the Eisner Building was involved in the manufacture of Boy Scout Uniforms, and the success of the Monmouth Chapter of Boy Scouts was due largely to the generosity of Sigmund Eisner who founded the uniform production.
In 1984, the site was purchased from the Eisner Family and transformed into a multi-use complex featuring retail shops and services, restaurants and offices. The Galleria Red Bank was restored to enhance the warmth of the beautiful red brick exterior, the hardwood floors, and the chestnut trusses and wood ceilings.
Today, it is known for its colorful collection of fine boutiques, restaurants and professional offices and stands as a testament to early 20th Century architecture. The mixed-use building totals 108,413 SF and was the recipient of the Monmouth County Planning Board’s “Project of the Year Award” for the successful rehabilitation of the site.
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