Progress Capital Secures $6,500,000 18-Month Interest-Only For Construction of New Toms River Retail Center
The 10+ acres of undeveloped prime real estate near the intersection of Hooper Avenue and Yorktown Boulevard will be the site of a newly constructed 40,000 SF retail and office center with an adjoining 4,140 SF pad site. The borrower approached Progress Capital seeking to retire existing debt on the land while providing funds for the construction.
Progress Capital negotiated a $6,500,000 interest-only construction loan with an 18-month term funded by Procida’s 100 Mile Fund. This loan represents 67% of the projects total cost. The property is currently pre-leased to Ocean Cuts LLC, Buy-Rite Liquors and a Keller Williams Brokerage Office. Over the next two months the borrower expects to add two more tenants bringing the plaza to 50% occupancy pre-completion, which is targeted for Summer 2018.
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