Neptune, NJ – Brad Domenico, Partner at Progress Capital, secured a $2,775,000 non-recourse permanent mortgage for the acquisition of the retail strip plaza located at 36 State Route 35 in Neptune, NJ. The subject property is a newly renovated 18,150 SF retail shopping plaza at the former Wonderbread / Hostess Regional Bakery and Outlet. The plaza was 100% occupied and anchored by an 8,900 SF Family Dollar at the time of acquisition.
Domenico negotiated a 30 year term with 30 year amortization and an initial 5 year fixed rate period at 4.25%. The borrower will adhere to a declining pre-pay schedule. This loan represents 65% of the borrower’s acquisition cost.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multi-family, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Directly Funded over $150 Million. We get you to the closing table – plain and simple. #thatsPROGRESS