6B — February 8 - 21, 2019 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
ERSEY CITY, NJ — Ne- gotiating on behalf of the borrower, Kathy Ander- Company secures $10 million in acquisition of Brick, NJ mixed use property Anderson of Progress Capital Secures $21M to refinance multifamily portfolio in Jersey City J
of Greenville to the northern Heights area close toWashing- ton Square Park. The $21 mil- lion CREMortgage represents an 80% LTV and includes a 20-year term based on a 30- year amortization. Anderson negotiated a 5-year fixed-rate at 4.35% with a 12-month interest only period with rate resets. The non-recourse loan also includes a step down prepay. Anderson also negotiated a $10 million permanent mort- gage loan for Jerald Devel- opment Group , for their the mixed-use building located
at 101 Prosper Way in Brick, NJ. This four-story property has 20,000 s/f of ground floor retail space and 44 residential apartments on the upper three floors. It is located within the highly desirable retail hub of Brick Township with easy ac- cess to routes 70, 88, 549 and the Garden State Parkway. The loan amount represents a 70% loan to value ratio Anderson worked wi th Lakeland Bank to provide the following key terms: • 4.60% Fixed for 7 Years • 30 Year Amortization 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 invest- ment portfolio. Rose Commercial Real Estate reps. Vine St. Imports in their lease renewal of 17,768 s/f MOUNT LAUREL, NJ — Adam Rose , president of Rose Commercial Real Estate, represented Vine Street Imports and owners, Lori and Ronnie Sanders, in negotiating the long-term lease renewal of 17,768 s/f of industrial warehouse. Located at 16 Roland Ave. in Mount Laurel, the company’s head- quarters is home to its inven- tory of fine wines imported from around the world. Adam has represented the partners since 2010. Said Lori Sanders, “When it came time to rene- gotiate our lease, we placed only one call. We’ve worked together for 10 years and have complete trust in Adam and his team.” Adam Rose represented both parties in the sale of 4000 Church Rd., a 10,985 s/f medi- cal office building located in the heavily trafficked corridor of Mount Laurel. The buyer, Coastal Spine, was the cur- rent tenant and decided it was advantageous to purchase the building. Its close proximity to Rte. 73, I-295 and the New Jersey Tpke. furthers its abil- ity to continue the company’s mission to end chronic pain and help patients return to normal health and activity. • Equity Recapture • SWAP breakage
son , found- ing partner of Progress Capital , se- c u r e d $ 2 1 m i l l i o n t o refinance 11 multifamily buildings in Jersey City.
Kathy Anderson
Jersey City is the second most populous city in the state of New Jersey, after Newark. The 11 properties span the city from the southwest area
101 Prosper Way in Brick, NJ
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