PROGRESS CAPITAL | Kathy Anderson Arranges $5.6 Million for Moe’s Anchored Shopping Center in Parsippany, NJ
Kathy Anderson Arranges $5.6 Millionin Commercial Financing for Moe’s Anchored Shopping Center in Parsippany, NJ
commercial mortgage lending real estate new jersey parsippany kathy anderson financing property
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Parsippany, NJ – $5,600,000

Category
Construction, Retail
About This Project

 

$5.6 Million for Moe’s Anchored Shopping Center

 

Parsippany, NJ – Kathy Anderson of Progress Capital Advisors arranged $5,600,000 in financing for an acquisition, renovation and permanent loan for the shopping plaza at 745 Route 46 in Parsippany, NJ.  When the property was originally acquired by Bruce Jeffery and his partners, it only had one tenant – Sleepy’s and was in desperate need of renovation.

 

Ocean First Bank was willing to provide the acquisition and renovation financing to initially acquire the property and has since provided increased proceeds as tenant spaces were leased.  In addition to Moe’s, the center includes Harbor Freight, Verizon and Edible Arrangements.
Loan terms include:

 

  • 4% Fixed for 5 Years
  • 24 months interest only
  • 20 Year Amortization (Borrower’s Request)
  • Flexible Prepay at 3-2-2-1-1

 

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