Progress Capital Secures $3 Million to Refinance Pequannock Mini Mall
Brad Domenico, Partner at Progress Capital arranged a $3 Million loan for a valued client to refinance a mixed-use building located at 28-44 Newark Pompton Turnpike, Pequannock, NJ.
Due to the ongoing impact of COVID-19 causing volatility in the markets and difficulties in underwriting credit risk, Brad faced some challenges. He had to structure a loan that would satisfy both the client’s needs and the lender’s concerns.
Brad worked with Spencer Savings Bank to negotiate a non-recourse loan and close with the most favorable terms for his client.
The loan proceeds will be used to refinance the existing mortgage balance on the property with a significant cash out to fuel the expansion of their real estate portfolio.
The property contains a 2-story mixed-use building comprised of 14 residential and 6 commercial units. Each of the residential units are 750 SF and consist of 1 bedroom and 1 bath. The property also contains a large parking lot in the rear of the building to accommodate 70 parking spaces.
The location of the property is on a main thoroughfare between two major highways, Route 23 and I-287, in desirable Morris County, New Jersey. Pequannock Mini-Mall is surrounded by numerous small bodies of water as well as parks and is ideally located on Newark-Pompton Turnpike. The Turnpike provides an alternate route between Newark and Paterson which allows for an abundance of traffic passing on a daily basis. Two train stations conveniently located in close proximity include Lincoln Park and Mountain View-Wayne Station. The Newark Pompton Turnpike at Ryerson Avenue bus stop is also less than 0.2 miles.
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 consistently get our clients to the closing table… plain and simple!