Progress Capital Secures $23.1 Million Acquisition Financing for Paramus Plaza
PARAMUS, NJ – Brad Domenico, partner at Progress Capital, successfully arranged a $23.1 million acquisition loan for DRA Advisors and First Mile, an affiliate of Crown Acquisitions to purchase Paramus Plaza, a premier retail center located at 545 Route 17 South, Paramus, NJ.
This 153,1,494 square-foot center boasts a 100% lease rate with a national tenant roster, anchored by Hobby Lobby and including major retailers such as Marshalls, Skechers and Chipotle.
Strategically positioned in the affluent suburb of Bergen County, Paramus Plaza benefits from its prime location along Route 17, one of the busiest retail corridors in the country. Just 13 miles west of New York City, the center offers convenient access to major highways including the Garden State Parkway, Route 4, I-80, and I-95, making it a key destination for both local residents and regional visitors.
The sale transaction was expertly managed by the Cushman & Wakefield Tri-State Capital Markets team, comprised of Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, and Max Helfman. They partnered with Mark Gilbert, the firm’s Head of Retail Capital Markets, to represent the seller, a partnership between Acadia Realty Trust and Fortress Investment Group.
Progress Capital is a leading commercial financing company that has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate mortgage advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.
Related articles:
https://www.roi-nj.com/2024/07/31/real_estate/paramus-plaza-sells-for-36-8m/
https://re-nj.com/acadia-fortress-sell-153000-sq-ft-paramus-retail-center-for-37-million-cw-says/
