Progress Capital, a commercial mortgage advisory firm, closed a $22,300,000 loan from Valley National Bank to refinance The Shoppes at Cross Keyes, a 176,000 square foot retail shopping center located in Sicklerville, NJ.
Abe Mann of Progress Capital secured financing options that were tailored to the borrower’s needs and features an initial rate of 4% fixed for 5 years, 10-year term, an LTV of 75% and 30-year amortization.
The loan on the property, which was over 80% occupied at closing, includes a $3 million Line of Credit towards TI/LC and an additional $3 Million Construction Line to develop a 30,000 square foot pad for a prospective tenant.
The borrower is The Jemstone Group, an NYC based real estate firm, founded by Samuel and Joseph I. Jemal. Developed in 2009, the property is located on the corner of Berlin Cross Keyes Rd and Atlantic City Expressway and situated on over 23 acres of land.
“Due to the sponsors strong track record owning and operating retail shopping centers, we were successful in identifying the right lender who delivered an excellent overall structure and financing terms” said Abe. “The Center is experiencing strong upward momentum and we are thrilled to secure the necessary capital which will help our clients achieve close to 100% occupancy”.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.