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Project Description |
Location
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$15,500,000 Secured by 3 properties
Two mixed-use retail/office and the third is a retail strip center. Borrower's request for LIBOR floating rate loan with a permanent conversion option was carried out. Limited recourse guarantee was also negotiated.
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Englewood, Secaucus
New Jersey
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$35,000,000 Credit Facility
Bridge, Construction and Permanent 305,000 sf high performance class A office building with state-of-the-art operating systems; voice data cabling under access floor for healthier air, reduce energy costs and allow for easy movement and changes.
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Wallingford Connecticut
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$4,300,000 Permanent + LOC
This permanent loan plus line of credit is secured by a 2,500 sf retail strip.
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Montclair
New Jersey
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$15,000,000 Line of Credit
Financing arranged to support land acquisition, site development and permanent financing of owner occupied real estate.
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Quick Chek Corp.
New Jersey
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$6,250,000 Permanent
11 industrial buildings totaling over 266,000 sf. Borrower's CMBS loan was maturing, making this an opportunity to obtain replacement funding that allowed for releases of individual buildings. The borrower's lending requirements were met, including non-recourse financing.
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Bridgewater New Jersey
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$4,100,000 Permanent
48,000 sf self-storage facility consisting of 470-plus units in six buildings, constructed in 2003- 2004. The property has a secured access gate. The buildings are steel framed with metal panels, and interior units are climate controlled.
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Stanhope
New Jersey
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$5,600,000 Permanent
51,500 sf single-story office/flex building constructed in 2004. It is one of four new buildings in an office complex on State Highway 34 in Wall Township. This financing was non-recourse.
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Wall
New Jersey
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$4,200,000 Permanent
40,000 sf single-story, single-tenanted office building constructed in 1998. It was the first of six office buildings built in recent years in the eastern extension of the Eatontown Industrial Park, east of State Highway 35.
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Eatontown
New Jersey
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$6,500,000 Permanent
44,065 sf Class A office building constructed in 2001. The building's major tenant is Meridian Health Care.
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Holmdel
New Jersey
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$37,500,000 Construction
This 235,000 sf single-level open air lifestyle shopping center was constructed on 38 acres at the site of the former Lilly Tulip factory on Route 35 and Laurel Avenue. Anchors include Best Buy, Old Navy, Michael's and Barnes & Noble.
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Holmdel
New Jersey
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$11,000,000 Bridge Loan
This flexible financing allowed the borrower to purchase 136 units in a condo building. The loan was floating over libor with a partial fixed rate feature and provided flexible releases on the sale of units.
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Paterson
New Jersey
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$4,805,000 Construction Loan
$518,000 Mezzanine Loan
16 lot residential subdivision located in an established neighborhood near the center of Hillsborough Twp. The financing covered acquisition, site improvements, hard construction, interest and soft costs.
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Hillsborough New Jersey
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$10,500,000 Bridge Loan
Eight 2-story garden style apartment buildings with 104 units which were converted to condos. The loan provided flexible releases of units and included an interest reserve and renovation component.
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Atlantic Highlands
New Jersey
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$1,200,000 Permanent
This 6 unit, single story retail building is 18,850 sf and was refinanced with a 10 year S/L loan. Tenants include Dunkin Donuts, Ricciardi Brothers Paint and Carpet City.
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Eatontown
New Jersey
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$600,0000 Permanent
This 6,300 sf community retail strip center is located in a middle-income residential community. The property is owner-occupied by New Era Car Wash. The borrower's received a 10 year fixed rate loan based on a 25 year amortization.
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Brick
New Jersey
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$6,350,000 Permanent
Progress arranged acquisition/ renovation financing for this 61,561 sf neighborhood center. Upon completion of the renovations and property stabilization, a 15 year fixed rate loan on a 25 year amortization schedule was obtained.
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Old Bridge
New Jersey
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$2,300,000 Permanent
This 26,100 sf retail property was acquired by the borrower in a nearly vacant status. Stage one financing provided acquisition and renovation funds. Upon stabilization, the property was refinanced with a 10 year fixed rate loan.
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Freehold
New Jersey
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$2,600,00 Permanent + LOC
The borrower purchased this 24 unit apartment building for a condo conversion. Financing also provided a line of credit for renovations and conversion costs. The loan allows for releases upon the sale of units
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Asbury Park
New Jersey
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$6,500,000 Construction Loan
This 75,000 sf three-story, multi- tenanted office building is located in the eastern extension of the Eatontown Industrial Park, east of Highway 35. The financing covered land acquisition, hard construction costs and interest expense during construction.
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Eatontown
New Jersey
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$6,525,000 Acquisition & Construction Loan
The borrower's financing requirements were met with a 3-year LIBOR based interest only construction and renovation loan. This 105,252 sf retail property will be renovated and updated to attract local and regional chains. Upon renovation and stabilization, this loan will be refinanced with a permanent mortgage.
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Rockaway
New Jersey
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$33,318,000 A, D & C
This age restricted (55+) development is comprised of 156 residential units and is located less than one mile from the shores of Lake Hopatcong.
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Mt. Arlington
New Jersey
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$2, 393,950 Mezzanine
$19,780,000 Construction Loan
This 2.83 acre site was developed into a 249 unit active adult community. Financing was used for land acquisition, site development and construction costs.
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Mays Landing
New Jersey
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