Branchburg, NJ – Kathy 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:
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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