Progress Capital Advisors | The Funding Source arranged a $6,112,500 acquisition loan for a 20,250 SF single-story retail strip in East Brunswick, NJ with a separate PAD site that is subject to a ground lease with CVS.
The permanent loan was arranged by Kathy Anderson at a 15 year fixed rate of 4.25% with a 25 year amortization.
“My client was very concerned about a rising interest rate environment and insisted upon a 15 year fixed rate,” said Kathy Anderson. While certain lenders will offer a 15 year self-liquidating loan, we were constrained by debt service coverage and needed to secure a lender who allowed a 25 year amortization.
East Brunswick has many of the components that support retail such as density. A new Walmart near Tices Lane anchors what is referred to as the Golden Triangle Redevelopment project, a 32-acre transportation hub where Toll Brothers is constructing a 400-unit apartment complex.
Progress Capital Advisors loan programs include Construction, Fixed Rate Loans and Specialty financing as well as Direct Funds. With over $40 Billion in closed loans and $150 Million in direct lending, we will get you to the closing…plain and simple…#thatsPROGRESS