Irvington, NJ – Progress Capital Partner, Brad Domenico, negotiated a $3,190,000 construction to permanent loan for a valued client to build an additional 12,000 SF pad site at the existing at the existing retail strip located at 874 Springfield Avenue in Irvington, NJ. This loan is a second mortgage with the existing lender secured by an 85,850 SF retail shopping center which is fully occupied. The fitness center is a custom fit-out and subject to a long-term lease with Blink Fitness.
Domenico negotiated a 30 month interest-only construction period with a floating rate of LIBOR + 400 bps. Upon occupancy of the new building, the loan will convert to a permanent mortgage and the rate will be reduced to LIBOR + 335 bps for the remainder of the 25 year term based on 25 year amortization. The loan carries no prepayment penalty and is non-recourse upon occupancy of the newly constructed pad site.
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