PROGRESS CAPITAL | Rocky Mount, NC – $2,393,800
17956
portfolio_page-template-default,single,single-portfolio_page,postid-17956,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

Rocky Mount, NC – $2,393,800

Category
Retail, STNL
About This Project

JUST CLOSED!

Bill Howard Negotiates the Acquisition & Financing Package for NC STNL New Construction

 
Rocky Mount, NC – On behalf of his client, Bill Howard negotiated a $1,795,350 Permanent Mortgage for the acquisition of an STNL asset at 540 to 550 North Wesleyan Blvd in Rocky Mount, NC. The subject property currently under construction and will encompass 4,200 SF of retail space divided into two separate units. At the time of acquisition the property was being constructed and fit-out for a Starbucks and a Kay Jewelers which leased the space subject to an absolute triple-net (NNN) lease with a 10-year term. Howard negotiated the sale and acquisition of the property while also arranging financing for the borrower to complete the purchase.
 
Key Points of the Starbucks / Kay Jeweler STNL Assets:
 

  • 6.5% Cap Rate
  • Acquired Directly from Developer
  • Built to Suite
  • 10-Yr Lease Term
  • 4-5 Year Lease Ext. Option
  • Comp. Starbucks existing in market, trading Sub 6% Cap

 
Key Points Regarding Financing Package:

  • Purchase Price: $2,393,800
  • Loan Amount: $1,795,350
  • 75% Loan to Value
  • 7-Year Fixed-Rate
  • 25-Year Amortization

 
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
 
We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.
 


CONTINUED READING:


 
$86 Million Secured for Construction of UES Community Center
 
$26,250,000 Negotiated for Construction of Multifamily Building at Former Fairmount Hospital in Jersey City
 
$15,000,000 Line of Credit Arranged for NJ Multifamily Acquisitions
 
$2,300,000 Funded by Progress Direct for Acquisition of Vacant Jersey City Gas Station
 
$36 Million Negotiated in Refinance of Two NY Storage Fox Facilities
 
consultheader