Progress Capital Featured on NJBIZ – $10M Mixed-Use Refinance
$10 Million Secured for Refinance of Brick, NJ Mixed Use Property
Kathy Anderson, Founding Partner of Progress Capital negotiated a $10,000,000 permanent mortgage loan for Jerald Development Group, for their the mixed-use building located at 101 Prosper Way in Brick, NJ. This 4-story property has 20,000 SF of ground floor retail space and 44 residential apartments on the upper three floors. It is located within the highly desirable retail hub of Brick Township with easy access to routes 70, 88, 549 and the Garden State Parkway. The loan amount represents a 70% loan to value ratio.
The reality is that there are a number of ways in which you can save money by engaging a mortgage broker to provide assistance with your commercial real estate financing needs and objectives. If you take the time to determine the value of using a commercial mortgage broker, you will surely see that it is money well spent.Locating a Lender Risks in working with a Single Lender Cost Variations between Lenders Support Services Fees of Commercial Mortgage Brokers
Kathy worked with Lakeland Bank to provide the following key terms:
- 4.60% Fixed for 7 Years
- 30 Year Amortization
- Equity Recapture
- SWAP breakage
The proceeds of the loan will be used to retire the existing debt and provide significant cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s real estate investment portfolio.
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