Brit Zamoyta, Vice President at Progress Capital Negotiated the Amount and Terms of Both the Construction Loan and Permanent Mortgage on Behalf of the Borrower.
West Windsor, NJ – Brit Zamoyta, Vice President at Progress Capital, arranged a $10,450,000 construction loan for a client to acquire and renovate Windsor Plaza, a 59,000 sf shopping center in West Windsor, NJ. At the time of purchase the plaza was 65% vacant. This was a particularly difficult loan to close as the purchaser, had to close within 45-days without approvals and the property had significant environmental contamination from a dry cleaning spill.
Zamoyta was able to secure the necessary capital to complete the acquisition, remediation and renovation of the site. Once fully renovated, Windsor Plaza was able to achieve 100% occupancy, leasing to tenants such as Bank of America, PJ’s Pancake House, Jake’s Wayback Burgers and Jimmy John’s Gourmet Deli.
Now stabilized, Brit was able to secure a $14,000,000 permanent mortgage fixed at 4.75% for 15 years. The loan is accompanied by a 25-year amortization with an initial interest only period. This allowed the owner to retire the existing debt on the construction loan and recapture a portion of his vested equity.
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, Progress Direct.
We Get You to the Closing Table – Plain and Simple… #thatsPROGRESS