Middletown, NJ – Kathy Anderson of Progress Capital Advisors arranged a $5,900,000 CRE loan for a valued client to acquire the leasehold and subsequently renovate the shopping plaza located at 1515-1517 Route 35 in Middletown, NJ. Subject to a 99 year land lease that began in 1969, the plaza includes a 65,324 SF single-story retail building anchored by Staples. Beginning January 2018, Staples is downsizing and there will be 28,000 SF available. This is a value-add purchase as Staples is paying $2.41 PSF.
This loan represents a 65% loan to contract price with $3,900,000 allocated to acquire the property and the remaining $2,000,000 used to complete renovations of the vacated space while establishing $500,000 in interest reserve. Anderson arranged a 24-month interest-only loan which allows the borrower time to renovate the property before entering into a permanent mortgage upon stabilization, anticipated September of 2018.
Additional key terms of this 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