$3,375,000 for Acquisition of Toms River NJ Shopping Plaza in 1031 Exchange

TOMS RIVER, N.J. - July 28, 2017 - PRLog -- Kathy Anderson of Progress Capital Advisors secured $3,375,000 in financing for a borrower to acquire the Fischer and Bay Shopping Center as part of a 1031 exchange.  The property is anchored by a 10,680 SF single story retail building subject to a 20 year NNN lease with Rite Aid and includes a secondary retail building with three occupied units totaling an additional 8,158 SF.  The Fischer and Bay Shopping Center is located on Fischer Boulevard in the heart of Tom's River and includes national retail tenant Rite Aide, a local hair salon, Mid-Shore Meats and an available 3800 SF of prime retail space.  Key terms of this loan include:

• 20 Yr. Fixed Rate – subject to 60-day forward rate lock
• Swap Breakage Prepay
• 30 Year Term
• 30 Year Amortization
• 75% LTV

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

https://www.progresscapitaladvisors.com