PROGRESS CAPITAL | Perth Amboy – $3,600,000
17143
portfolio_page-template-default,single,single-portfolio_page,postid-17143,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Perth Amboy – $3,600,000

Category
Retail
About This Project

$1,666,000 Cash-Out to Borrower in $3.6 Million Refinance of Perth Amboy Retail Building

 
Perth Amboy, NJ – Brad Domenico, Partner at Progress Capital, negotiated $3,600,000 in the refinance of the 2-story 26,182 SF retail building located at 134-140 Smith Street in Perth Amboy. At the time of the refinance the borrower had just completed the fit-out for ‘Blink Fitness’ to occupy the second floor space under a 15 year lease agreement. Family Dollar   occupies 10,659 SF of the street level retail space while Brenda’s Bakery and Food Store occupy the remaining 2,100 SF at street level.
 
The proceeds will be utilized by the borrower to retire existing debt on the property and recapture $1,666,000 in equity that will fuel the borrowers continued acquisitions of retail, mixed-use and multifamily buildings throughout New Jersey. This loan represent a 65% loan to value and is accompanied by a 7 year fixed rate of 4.25% amortized over 30 years with a five year extension option.
 
Progress Capital 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
 


CONTINUED READING:


 
View on Real Estate Weekly
 
View on Real Estate New Jersey
 
$86.25 Million Secured for New Construction at 330 East 62nd Street in NYC
 
Kathy Anderson Secures $5,900,000 with 24-Months Interest-Only for Middletown Shopping Plaza Leasehold
 
Refinance of Hoboken Mixed-Use Asset Nets $1.285 Million Cash-Out to Borrower
 
$2.5 Million Refinance of Elizabeth Mixed-Use Building Nets $2,100,000 Cash-Out to Borrower
 
Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for NJ Multifamily Acquisition
 
$2.5 Million to Acquire Brooklyn Multifamily Asset
 
consultheader