$1.4 Million Arranged for New Construction of Dollar General

A $1,420,000 construction to permanent loan was arranged by Brad Domenico of Progress Capital  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 is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress

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