Brick, NJ – Kathy Anderson, Founding Partner of Progress Capital negotiated a $10,000,000 permanent mortgage loan for Jerald Development Group, for their the mixed-use building located at 101 Prosper Way in Brick, NJ. This 4-story property has 20,000 SF of ground floor retail space and 44 residential apartments on the upper three floors. It is located within the highly desirable retail hub of Brick Township with easy access to routes 70, 88, 549 and the Garden State Parkway. The loan amount represents a 70% loan to value ratio.
Kathy worked with Lakeland Bank to provide the following key terms:
The proceeds of the loan will be used to retire the existing debt and provide significant cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s real estate investment portfolio.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.