2B — July 12 - 25, 2019 — New Jersey — M id A tlantic
Real Estate Journal
www.marej.com
N ew J ersey
Mann closes $22.3M to refinance retail in Sicklerville Progress Capital's Domenico secures $23M for refinance
AllendaleTown Center, Allendale, NJ
Walgreens Shopping Center, Fairreld, NJ
U
NION CITY, NJ – Brad Domenico , partner at Progress
The Shoppes at North Brunswick, North Brunswick, NJ
Neptune Plaza Shopping Center, Neptune, NJ
Capital ne- g o t i a t e d $23.353 mil- lion for the r e f i n a n c e of a newly constructed h i g h - r i s e apar tment b u i l d i n g l ocat ed at 115-129 37th St.in Union City. The 10-sto-
Brad Domenico
ry property, also known as “Hudson Heights”, is c omp r i s e d of 96 high-end residential apartment units. When the borrower called Progress Capital, his request was simple (to him). “I have a newly constructed apartment building that will be leased for 1 month and I would like to take out all my equity, plus some.” As a general rule, banks require a sufficient amount of time to demonstrate prof- itability, also known as “sea- soning” before considering a permanent loan. In this instance, Domenico had only one month of performance to work with, while sourcing an acceptable 10 year fixed-rate loan. Ultimately, Domenico was able to secure several op- tions for the borrower who quickly made the decision to proceed with an Agency Loan (Fannie Mae) underwritten through Red Capital . The loan closed after only one month of stabilized perfor- mance at a rate under 4% fixed for 10 years, 3 years in- terest only and non-recourse. Many borrowers wind up paying costly fees to extend their construction loans or miss an opportunity to lock into a low rate thinking they need 12 months of history to qualify for a permanent mort- gage, which is not always the case. In Sicklerville, Progress Capital closed a $22.3 million loan from Valley National Bank to refinance The Shop- pes at Cross Keyes, a 176,000 s/f retail shopping center located in Sicklerville. Abe Mann of Progress Capital secured financing Abe Mann
Hudson Heights
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The Shoppes at Cross Keyes
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necessary capital which will help our clients achieve close to 100% occupancy”. Progress Capital is a com- mercial mortgage banking firm specializing in arrang- ing debt for commercial real estate owners and develop- ers. Since 1990, Progress has successfully closed in excess of $40 billion in commercial loans and directly funded over $150 million.
options that were tailored to the borrower’s needs and features an initial rate of 4% fixed for 5 years, 10-year term, an LTV of 75% and 30- year amortization. The loan on the property, which was over 80% occupied at closing, includes a $3 mil- lion Line of Credit towards TI/LC and an additional $3 Million Construction Line to develop a 30,000 s/f pad for a prospective tenant. The borrower is The Jem- stone Group , an NYC based real estate firm, founded by Samuel and Joseph I. Jemal. Developed in 2009, the property is located on the corner of Berlin Cross Keyes Rd and Atlantic City Expressway on over 23 acres of land. “Due to the sponsor’s strong track record owning and operating retail shopping centers, we were successful in identifying the right lender who delivered an excellent overall structure and financ- ing terms” said Abe. “The Center is experiencing strong upward momentum and we are thrilled to secure the
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