PROGRESS CAPITAL | Middletown, NJ – $5,900,000
16702
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Middletown, NJ – $5,900,000

Category
Construction, Retail
About This Project

Kathy Anderson Secures $5,900,000 with 24-Months Interest-Only for Middletown Shopping Plaza Leasehold

 
Middletown, NJKathy 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:
 

  • Interest Rate floating at 1-month LIBOR + 3.15%
  • 24-Month Term w/ optional 12-Month Extension
  • No Prepayment Penalty
  • 100% Recourse
  • No Exit Fee

 
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

 


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