PROGRESS CAPITAL | Orange, NJ – $1,420,000
16590
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Orange, NJ – $1,420,000

Category
Construction, Retail
About This Project

$1.4 Million Arranged for New Construction of Dollar General

 
Orange, NJ – A $1,420,000 construction to permanent loan was arranged by Brad Domenico of Progress Capital Advisors for a valued client to acquire the corner property at 127 Central Avenue.  The existing two-story structure on the property will be reduced to one floor and renovated into an 8,553 SF retail building pre-leased to Dollar General.  The triple net lease has an initial term of 15 years with 3 additional 5-year options accompanied by rental increases of 10%.
 
The borrower will have a 12-month interest only construction period with an optional 6-month extension at a floating rate of WSJP + 1%.  After the initial 12-month interest only period the loan will convert to a permanent mortgage with the following terms:
 

  • 7-Year UST + 250 bps
  • 30 Year Term
  • 5-4-3-2-1-0 Prepay Schedule
  • 30 Year Amortization
  • 75% LTC
  • Non-Recourse Upon Conversion to Permanent

 
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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View Press Release
 
Brad Domenico Arranges Financing For Vacant Historic Newark Ironbound Station Plaza
 
75% LTV on Newark Multifamily Asset
 
$7,000,000 Arranged for Acquisition of Multiple Multifamily Properties Throughout Essex County
 
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