Newark, NJ – Brad Domenico, Managing Partner of Progress Capital arranged a $1,150,000 refinance loan for a single purpose entity. The loan will be secured by the subject single-story retail structure which will be fully gut-renovated and is secured by a 10-year lease (plus 3 five-year options) with Dollar Tree. The property is situated at 4315 New Jersey Avenue in Wildwood, NJ. The loan amount represents a 75% loan to value ratio.
After planned renovation, the building will have an approximate leasable area of 9,300 SF occupied by Dollar Tree. The property is ideally located on the prominent, heavily trafficked area of New Jersey Avenue which offers large frontage and excellent visibility on a corner lot. The subject has 73’ of frontage on New Jersey Avenue and 127.5’ of frontage on Montgomery Avenue.
Brad worked with Lakeland Bank to provide the following key terms:
Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending.
We Get You to the Closing Table – Plain and Simple. #thatsPROGRESS.