Progress Capital’s Domenico arranges $9M in financing
LONG BRANCH, NJ — The downtown area is seeing a surge of commercial real estate activity now that the waterfront has been completely restored and re-positioned with further expansion underway at Pier Village.
With Asbury Park’s revitalization several miles south, developers began eyeing Long Branch’s underutilized downtown. To aid in the redevelopment, the local government was able to secure the right to demolish buildings thus opening the door for a flurry of new construction projects designed at redefining the city. One such project is the construction of a 5-story 46-unit multifamily building, known as ‘The Transit Village,’ to be added to the existing single-story commercial retail asset at 231 Third Avenue. Construction of the multifamily building is slated to be completed by the end of 2019.
Progress Capital’s Brad Domenico arranged financing for the acquisition of the existing commercial structure and approved development project, negotiating a $9 million construction to permanent mortgage loan with 24 months interest-only at a floating rate of LIBOR + 3.5%. The borrower will have the option to convert the loan to a permanent mortgage upon stabilization. The permanent loan will be accompanied by a rate of 5 Yr. FHLBNY + 225 BPS, 10 Year Term, 30 year amortization and declining prepay schedule.
Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans.