Progress Direct Funds $1.35 Million for Self-Storage Acquisition
$1,350,000 Loan Completes Acquisition of South Coleman Road Plaza to allow borrower to complete approvals for construction of a 160,000 square foot self-storage facility.
THE CHALLENGE:
Centereach Storage LLC was under contract to purchase a site for the development of a self-storage facility. As a result of the COVID-19 shutdown, the lender pulled out of the loan weeks before the scheduled closing.
THE SOLUTION:
Since Progress Capital was working on the construction loan, Kyle Altenau, VP of Progress Capital, was able to quickly underwrite and fund the purchase.
Progress Direct is a direct lending platform providing fast and flexible CRE Bridge Loans. We leverage our expertise and knowledge to help you bridge the capital stack when traditional lending sources are not an option. With over $150 Million in directly funded bridge loans, we get you to the closing table…Plain and Simple.
