PROGRESS CAPITAL | Union, NJ – $1,920,000
18420
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Union, NJ – $1,920,000

Category
Construction, Retail
About This Project

$1.9 Million Arranged for New Construction of Retail Property

 

Union, NJ A $1,920,000 construction to permanent loan was arranged by Kathy Anderson, Founding Partner of Progress Capital for a valued client to acquire a two unit, single story retail building at 1230 Morris Avenue in Union, NJ. The loan amount represents a 75% LTV.

 

The property, a former Foot Locker, sits on a 0.84-acre site and is 7,934 SF. The construction plan is to convert the building from two units to three.

 

Kathy, along with Affinity Federal Credit Union, negotiated the following key terms:

  • FHLBNY + 2.00% for 5 Years
  • Prime + 1.0% floating for 24 Months
  • 25 Year Amortization
  • 70% LTC

 

Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.


We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.