Hanover Township, NJ — Progress Capital’s founding partner, Kathy Anderson secured a $10 million acquisition loan for the principals of Commerce Park Ventures VI, LLC to purchase Whippany Business Center, a 125,234 s/f flex warehouse/office building on 12.77 acres located at 1 Apollo Dr., Hanover Twp.
Financing for the acquisition included the following terms:
• Loan Amount: $10,000,000
• Interest Rate: 5.875% Fixed for 5 Years
• Interest Only: 12 Months
• Prepay: 4-4-1-1-1
• Term/Amort: 10 Year Term / 30 Year Amortization
The borrower purchased Whippany Business Center as a value-add opportunity. When acquired, the property was 48% occupied and operating below stabilized capacity. With a sizeable rehab budget, the borrower will be adding new tenants and making improvements to existing structure. The loan was structured with a flexible prepay option beginning in Year three to allow for equity recapture through either a refinance or sale. The clear ceiling heights ranging from 14’ to 24’ provide ample vertical space for various operations. The 8 dock high loading doors and 491 parking spaces add value to the property.
Whippany Business Center is situated in Hanover Township, just, three miles away from Morristown’s Central Business District. With its accessibility to Rtes. 287, 10, and 24, residents and businesses alike can benefit from seamless transportation options. Moreover, the convenience of nearby shopping centers, banking services, and hotels adds another layer of desirability to this prime location.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a CRE firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.