36 Route 35 in Neptune — Courtesy: Progress Capital Advisors
By Joshua Burd
Progress Capital Advisors has secured nearly $2.8 million in financing for a client to acquire an 18,150-square-foot shopping center on Route 35 in Neptune.
The firm this week announced the closing of the nonrecourse permanent mortgage, which is tied to a newly renovated property at the former Wonderbread and Hostess Regional Bakery and Outlet. The center, located at 36 Route 35, was 100 percent occupied and anchored by an 8,900-square-foot Family Dollar at the time of acquisition.
Brad Domenico of Tinton Falls-based Progress Capital negotiated a 30-year term with 30-year amortization and an initial five-year fixed rate period at 4.25 percent, according to a news release. The borrower will adhere to a declining prepay schedule, Domenico said, adding that the loan represents 65 percent of the borrower’s acquisition cost.