Progress Capital Closes One of The Top Financial Deals of the Year
Progress Capital – Windsor Plaza
Kathy Anderson of Progress Capital arranged a $10,450,000 facility to acquire and renovate Windsor Plaza, a 59,000 sf shopping center located in West Windsor, NJ which was 65% vacant at the time of purchase. This was a particularly difficult loan to close as the purchaser, Irv Cyzner, had to close within 45 days without approvals and the property had significant environmental contamination from a dry cleaning spill. Windsor Plaza is no fully renovated and leased to tenants such as Bank of America, Mrs. Green’s Natural Market, PJ’s Pancake House, Jakes Wayback Burgers and Jimmy John’s Gourmet Deli. Progress Capital recently secured a $14,000,000 permanent mortgage fixed for 15 years on a 25 year amortization with an initial interest only period. This allowed the owner to recapture a portion of their equity while locking in a fixed rate for the next 15 years.