Bill Howard Arranges $1,452,000 for Bojangles Acquisition

Progress Capital Advisors Secured Funding for the STNL Acquisition
By: Progress Capital Advisors
Bojangles' Pendleton, SC
Bojangles' Pendleton, SC
PENDLETON, S.C. - Aug. 24, 2017 - PRLog -- Progress Capital Advisors' Bill Howardarranged $1,452,000 in financing for the purchase / acquisition of the single-tenant building currently leased to Bojangle's Restaurant located at 7610 Route 76.

Totaling approximately 3,808 SF, the property is 100% occupied by the fast food restaurant chain, Bojangles' Famous Chicken 'n Biscuits. The property is a single-story retail building situated on approximately 1.976 acres of land along route 76 and Westinghouse Road.  Route 76 is the primary east-west thoroughfare in the area experiencing traffic counts of 55,000 vehicles per day.  The property features multiple points of ingress and egress making it easily accessible.  National retailers in the immediate area include Burger King, Dairy Queen, Dollar General, Wells Fargo, Bank of America, TD Bank and CVS Pharmacy.  There are more than 187,126 people living within a five-mile radius of the property earning an average household income in excess of $53,000 per year.

Upon acquisition 13 years remain on the property lease with Bojangle's Restaurant including (3) 5-Year Extension options on the term and 1.5% annual rent increases in net operating income.

Additional key terms of this loan include 4.75% rate fixed for 7 years with 7 year term, 25 year amortization and no prepayment penalty.  $1.425 Million represents a 55% loan to cost ratio.

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

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Matt Sadler
Source:Progress Capital Advisors
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Tags:Stnl, Commercial Mortgage Broker, Commercial Property
Industry:Real Estate
Location:Pendleton - South Carolina - United States
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