PROGRESS CAPITAL | Long Branch, NJ – $9,000,000
16869
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Long Branch, NJ – $9,000,000

Category
Construction, Multi-Family, Retail
About This Project

$9,000,000 Secured For Downtown Long Branch Mixed-Use New Construction

 
Long Branch, NJ – The downtown area of Long Branch, NJ is seeing a surge of commercial real estate activity now that the waterfront has been completely restored and repositioned with further expansion underway at Pier Village.
 
With Asbury Park’s revitalization several miles south, developers began eyeing Long Branch’s underutilized downtown. To aid in the redevelopment, the local government was able to secure the right to demolish buildings thus opening the door for a flurry of new construction projects designed at redefining the city. One such project is the construction of a 5-story 46-unit multifamily building, known as ‘The Transit Village,’ to be added to the existing single-story commercial retail asset at 231 Third Avenue. Construction of the multifamily building is slated to be completed by the end of 2019.
 
Progress Capital’s Brad Domenico arranged financing for the acquisition of the existing commercial structure and approved development project, negotiating a $9,000,000 construction to permanent mortgage loan with the following terms:
 

  • 24 Months Interest-Only
  • Libor + 3.50%
  • Permanent Conversion Option
  • 5 Yr. FHLBNY + 225 BPS
  • Declining Prepay
  • 10 Year Permanent Term
  • 30 Year Amortization

 
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
 


CONTINUED READING:


 
View Press Release
 
View Story on Real Estate Business Online
 
Read Online at Mid-Atlantic Real Estate Journal
 
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