$1.4 Million Arranged for New Construction of Dollar General

Brad Domenico arranged a construction to permanent loan with Metuchen Savings Bank of NJ.
By: Matt Sadler
 
ORANGE, N.J. - Oct. 25, 2017 - PRLog -- A $1,420,000 construction to permanent loan was arranged by Brad Domenico of Progress Capital Advisors for a valued client to acquire the corner property at 127 Central Avenue, Orange, NJ.  The existing two-story structure on the property will be reduced to one floor and renovated into an 8,553 SF retail building pre-leased to Dollar General.  The triple net lease has an initial term of 15 years with 3 additional 5-year options accompanied by rental increases of 10%.

The borrower will have a 12-month interest only construction period with an optional 6-month extension at a floating rate of WSJP + 1%.  After the initial 12-month interest only period the loan will convert to a non-recourse permanent mortgage with a 30 year term based on a 30 year amortization. The rate upon conversion will be set at 7-Year UST + 250bps and accompanied by a 5-4-3-2-1-0 prepay schedule. This loan represents 75% of the borrowers total costs.

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


Contact
Matt Sadler
matt@progressnj.com
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Tags:Orange, Nj, Commercial Real Estate, Retail
Industry:Real Estate
Location:orange - New Jersey - United States
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