Bellmawr, NJ – Dollar General Stores negotiated pre-lease terms with a client of Progress Capital to construct a custom fit-out 9,100 SF single-tenant retail building in Belmawr, NJ. The now vacant lot at 42 North Black Horse Pike, formerly the site of the Bellmawr Wonderbread Factory Bakery, was selected as a viable location.
Once decided, Brad Domenico secured $1,400,000 to acquire the land and fund the subsequent construction, representing 75% of total project costs. The loan is accompanied by a 12 month interest-only construction phase at a floating rate of WSJP + .50% with a floor of 4.75% and (1) 6 month extension option.
Upon stabilization the loan will convert to a permanent mortgage with a five year term, rate reset at 5 year UST + 275 bps with a floor of 4.75% and amortized over 25 years. Dollar General is subject to a 10-year lease with triple net terms and (3) 5-year extension options upon occupying the space. In addition, the borrower will adhere to a 3-2-1-1-1 prepayment schedule or pay .5% of the permanent loan amount should the loan not convert upon end of construction term.
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 will get you to the closing table … plain and simple. #thatsPROGRESS