PROGRESS CAPITAL | Morristown, NJ – $7,500,000
14620
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Morristown, NJ – $7,500,000

Category
Retail
About This Project

Whole Foods Challenge

 
THE CHALLENGE: A Massachusetts real estate investor contacted Progress Capital to refinance a 30,000 SF NNN Whole Foods in Morristown, NJ with following challenges:
 

    1. $7,500,000 which includes a cash out of almost $1 Million
    2. In place DSC of 1.00X until the next rent bump in four years
    3. No prepayment penalty
    4. On-going remediation

 
THE SOLUTION: Kathy Anderson and the team at Progress Capital were able to negotiate the below loan terms which provided the borrower with a cash out today and the ability to sell the property without prepay in the future.
 

    1. Loan Amount: $7,500,000
    2. LTV: 80%
    3. Rate: 3.625%
    4. Term: 15 Years
    5. Amortization: 25 Years
    6. No Prepay
    7. Reserve – the bank held a $172,000 reserve for the DSC shortfall which would be released 25% per year over the next 4 years

 
Progress Capital’s 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.
 
For more information, visit our website at www.ProgressCapitalAdvisors.com or click below and check out our latest brochure.