Progress Capital Secures Financing for Floating House Development at Sandy Ravaged Sea Village Marina
Progress Capital secured $3,000,000 loan for a commercial borrower to acquire, renovate and redevelop the ailing Sea Village Marina, a houseboat community along the Margate Causeway at the Jersey Shore.
The property has remained abandoned and in severe disrepair after its residents fled Hurricane Sandy. Having limited the allowable number of floating communities to just one in the state, Sea Village, the NJDEP regulations limited the ability of the Marina and its houseboat owners to make necessary replacements and repairs, while also preventing sale of the property. This loan included the following terms:
· Acquisition to Construction
· 5 Year Fixed Rate
· 20 Year Amortization
This was a challenging loan, as Marina’s aren’t always the easiest deals to negotiate normally – but add a community of houseboats, the only in NJ, severe hurricane damage, lack of recent operating history and a series of foreclosure proceedings and legal battles – and you’ve got quite the hurdle to jump. Nonetheless, Progress closed the loan, enabling this community to finally start rebuilding.
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