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:
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