Progress Capital Secures $4 Million Loan for Bank of America’s New Branch in Wayne, NJ

Kathy Anderson, Founding Partner of Progress Capital arranged a $4,000,000 refinancing for the redevelopment of a former PNC Branch into a Bank of America building located at 1005 Hamburg Turnpike, Wayne, NJ.

Kathy worked with TD Bank who provided the following terms:

• $4,000,000 Loan 
• 2.80% Fixed for 10 Years
• 25 Year Amortization
• 60% LTV

The owner demolished the former structure to make way for a newly constructed 4,000 SF Bank of America branch, complete with drive-thru.  Bank of America entered into a long-term ground lease for the site.  

Wayne, NJ Fun Facts:

• A Norway Spruce from Wayne was one of the largest trees ever installed at Rockefeller Center standing 74 ft tall and weighing 9 tons.
• The indie rock band ‘Fountains of Wayne’ took their name from a lawn ornament store on Route 46.  The same store was regularly featured in ‘The Sopranos’. 
• Notable residents of Wayne include Cecil B. DeMille, Queen Latifah and Sam Porcello who developed the Oreo Cookie filling

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!