20A — June 2023 — Creative Financing — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
C reative F inancing Whippany Business Center, a 125,234 s/f flex whse/office building is located at 1 Apollo Dr. Progress Capital’s Anderson secures acquisition loan for industrial business center in New Jersey
H
ANOVER TOWN- SHIP, NJ — Prog- ress Capital’s found-
ing partner, Kathy An- derson se- cured a $10 million ac- quisition loan for the princi- pals of Com- merce Park Ventures VI,
Kathy Anderson
LLC to purchase Whippany Business Center, a 125,234 s/f flex warehouse/office build - ing on 12.77 acres located at 1 Apollo Dr., Hanover Twp.
Whippany Business Center
Financing for the acquisi- tion 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 size- able rehab budget, the borrower will be adding new tenants and making improvements to exist- ing 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 vari- ous 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, resi- dents and businesses alike can benefit from seamless transpor - tation options. Moreover, the convenience of nearby shopping centers, banking services, and hotels adds another layer of de- sirability 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 commer- cial real estate acquisition and/ or financing process. MAREJ
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732.389.9701 kathy@progresscapital.com progresscapital.com
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