PROGRESS CAPITAL | Branchburg, NJ – $3,152,500
16752
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Branchburg, NJ – $3,152,500

Category
Construction, Industrial
About This Project

$3,152,500 Secured with 24 Months Interest-Only for Vacant Branchburg Industrial Building

 
Branchburg, NJKathy Anderson, Managing Partner of Progress Capital, negotiated a $3,152,000 loan for SK Realty Management Investment group to acquire and subsequently renovate a vacant 52,000 SF manufacturing, warehouse and office facility located at 106 Meister Avenue in Branchburg.
 
The loan includes a 24-month interest-only period in which the borrower intends to fully renovate the existing structure on the property. Upon completion, the loan converts to a 5 year permanent mortgage with additional extension options. At a cost of $2,610,000 and estimated renovation expenses of $1,100,000, this loan represents an 85% loan to cost.
 
Additional key terms of this loan include:
 

  • WSJ Prime + .75% w/ a floor of 5%
  • 24-Months Interest-Only Converting to a Permanent
  • 5 Year Permanent Loan w/ 5 Year Renewal Option
  • 25 Year Amortization

 

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


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