Branchburg, NJ – Managing Partner of Progress Capital, Kathy Anderson, secured $1,900,000 to refinance the office building at 35 Columbia Avenue in Branchburg, NJ. The undisclosed borrower, purchased the property in 2010 for $1,100,000 while it was subject to NNN lease terms with Arcadis-US which ceased in 2016. A new lease with NNN terms was executed with Ace American Insurance Company, aka CHUBB, for the entire 15,000 sf space beginning 6/1/2018.
Anderson negotiated 80% LTV arranging a $1,900,000 commercial real estate mortgage accompanied by a 5-year fixed-rate at 5% resetting at FHLBNY + 2% with a floor of 5%. The loan is for a term of 10-years based on 25-year amortization schedule with no prepayment penalty. $690,000 will be used to retire the existing debt on the property while the remaining proceeds of the loan will be used by the borrower to fuel continued portfolio expansion in the NJ office sector.
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 deployed over $150 Million through their direct lending platform.
We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.
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