Egg Harbor Township, NJ – March 7, 2017 – Dave Capello of Progress Capital Advisors secured $3,000,000 loan for a commercial borrower to acquire, renovate and redevelop the ailing Sea Village Marina, a houseboat community along the Margate Causeway at the Jersey Shore.
The property has remained abandoned and in severe disrepair after its residents fled as Hurricane Sandy approached in late October 2012. Having limited the allowable number of floating communities in 1985 to just one in the state, Sea Village, the NJDEP regulations limited the ability of the Marina and its houseboat owners to make necessary replacements and repairs while also preventing sale of the property.
This loan included the following terms:
“This was a challenging loan; Marina’s aren’t always the easiest deals to negotiate normally – but add a community of houseboats, the only in NJ, severe hurricane damage, lack of recent operating history and a series of foreclosure proceedings and legal battles – and you’ve got quite the hurdle to jump. But we did it, and now this community can finally start rebuilding!” mentioned Capello when discussing the finalized negotiations.
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