$1,012,500 Secured for Acquisition of Bow-Tie Cinemas

Brad Domenico of Progress Capital Advisors arranged the limited recourse financing with Lakeland Bank of New Jersey.
By: Matt Sadler
Bowtie Cinemas Hoboken
Bowtie Cinemas Hoboken
HOBOKEN, N.J. - Oct. 26, 2017 - PRLog -- Brad Domenico of Progress Capital Advisors arranged $1,012,500 in financing for a valued client to acquire the 20,000 SF Bow-Tie Cinema Building located at 409-415 14th Street in Hoboken. Bow-Tie cinemas owns and operates 59 locations in Colorado, Connecticut, Maryland, New Jersey and Virgina – ranking as the 8th largest movie theater chain in the US. Upon acquisition, 10 years remains on a 20 year ground lease with automatic 15% rate increases every 5 years and two 5 year term renewal options. Valued at $1,350,000 this limited recourse loan represents a 75% loan to purchase price. Domenico was able to lock in a 5 year fixed rate of 4.3% with a 10 year term and 25 year amortization.  In addition, the borrower will be subject to a 3-2-2-1-0 prepay scehdule.

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:Matt Sadler
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Tags:Commercial Loans, Hoboken Nj, Bow-tie Cinemas
Industry:Real Estate
Location:Hoboken - New Jersey - United States
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