Kathy Anderson of Progress Capital Secures $10M in Acquisition of Brick, NJ Mixed Use Property

By: Jerald Development Group
101 Prosper Way, Brick, NJ
101 Prosper Way, Brick, NJ
BRICK, N.J. - Jan. 16, 2019 - PRLog -- Kathy Anderson, Founding Partner of Progress Capital negotiated a $10,000,000 permanent mortgage loan for Jerald Development Group, Inc to acquire the mixed-use building located at 101 Prosper Way in Brick, NJ. This 4-story property has 20,000 SF of ground floor retail space and 44 residential apartments on the upper 3 floors. It is located within the highly desirable retail hub of Brick Township with easy access to routes 70, 88, 549 and the Garden State Parkway. The loan amount represents a 70% loan to value ratio.

Kathy worked with Lakeland Bank to provide the following key terms:

• 4.60% Fixed for 7 Years
• 30 Year Amortization
• Equity Recapture
• SWAP breakage

The proceeds of the loan will be used to retire the existing debt and provide significant cash-out of vested equity that will be used to fuel a continued expansion of the borrower's real estate investment portfolio.

Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.

We get you to the closing table – plain and simple – #thatsPROGRESS

Contact Kathy Anderson | 908-601-4891 | kathy@progresscapital.com

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Kim Bruno, Marketing Director at Progress Capital
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Location:Brick - New Jersey - United States
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Page Updated Last on: Jan 16, 2019
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