David Cappello, Vice President at Progress Capital, Negotiated the Amount and Terms of the Limited Recourse Loan.
North Jersey, NJ – Working with David Cappello, a client sought to refinance two retail buildings in North Jersey to retire existing debt and recapture a portion of equity vested in both properties. The two buildings total roughly 30,000 SF and were both anchored by national, credit rate tenants.
Cappello negotiated a $4,200,000 limited recourse permanent mortgage to refinance the aforementioned properties. The loan represents 70% LTV and is accompanied by a 4.60% interest rate fixed for 10 years and amortized over 25 years. The proceeds of the loan were used to retire existing debt and cash-out a significant amount of equity previously invested in both properties. The borrower intends to use the loan proceeds to fuel continued expansion of an already robust CRE portfolio.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has secured loans in excess of $40 Billion and directly funded over $100 Million. With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.
We get you to the closing table – plain and simple – #thatsPROGRESS