Bridgeton, NJ – A valued client acquired and initiated a series of capital improvements to the shopping plaza at 31 East Broad Street in Bridgeton, NJ, back in 2007. With their original mortgage reaching maturity, the principal sought Brad Domenico’s advisement to refinance the property and recapture invested equity. Domenico, of Progress Capital Advisors, was able to negotiate the ideal terms of the refinance while maximizing loan proceeds at a 75% LTV. This allowed the borrower to cash-out $1,400,000 to fuel the continued expansion of their portfolio.
The aforementioned building is a 47,750 SF retail strip center with 8 varying size retail units. The plaza is anchored by both a Family Dollar and Save-A-Lot Grocery Store and includes other tenants such as Rainbow Shops, Rent-A-Center and Carmelo’s Restaurant. At the time of the loan closing, 20 years remained on the lease with Family Dollar, 10 years with Save-A-Lot and 5 years with Rainbow Shops.
Additional key terms of this commercial real estate 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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