PROGRESS CAPITAL | South Amboy, NJ – $1,350,000
16745
portfolio_page-template-default,single,single-portfolio_page,postid-16745,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

South Amboy, NJ – $1,350,000

Category
Construction, Industrial, Office
About This Project

David Cappello Secures $1.35 Million for Partner Buy-Out in South Amboy Bus Mechanic Business

 
South Amboy, NJ – at Progress Capital our core mission is to match our clients with the right lender, leveraging their existing assets to secure the right type and amount of capital to continue growing their commercial real estate portfolios, execute renovations or recapture equity for an alternate purpose. However, we also work closely with clients whose primary business is not in CRE ownership but rather a different industry wherein they have purchased their said business locale but do not intend to own more commercial real estate.
 
One such client, 50% owner in a Monmouth County bus collision and repair center, approached David Cappello to ascertain financing for the current debt free property at which the business currently operates. The property, a 25,000 SF industrial facility operating as a collision and repair shop for over 50 years, also includes a 3-story single family home and extra large parking area on 5 acres. The single-family home to date has been historically offered to existing employees of the business rent-free, while the extra parking generates rental income housing local school, charter and community buses while out of service.
 
Cappello was able to negotiate $1,350,000, representing a 70% loan to value on the existing asset. The borrower will use the proceeds of the loan to buy-out his current partner’s $1,200,000 stake in the business/property and execute $110,000 in renovations to the single-family home which upon stabilization will be rented to a third-party going forward.
 
Additional terms of this loan include:
 

  • 4.94% Fixed for 5 Years
  • Rate Reset at FHLBB +2.43%
  • No Prepayment Penalty
  • 25 Year Term
  • 25 Year Amortization

 
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

 


CONTINUED READING:


 
$3,000,000 Secured for Refinance of Three Mixed-Use Buildings in Paterson, NJ
 
$2.5 Million with 3 Years Interest-Only Secured for Acquisition of Brooklyn Multifamily Building
 
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