134-140 Smith St. in Perth Amboy — Courtesy: Progress Capital Advisors
By Joshua Burd
The owner of more than 26,000 square feet of retail space in Perth Amboy has refinanced after securing a lease with a growing fitness operator.
In a news release, Progress Capital Advisors said it negotiated a $3.6 million loan for the two-story property at 134-140 Smith St. The firm represented the borrower, which has just completed a fit-out for Blink Fitness to occupy the second-floor space under a 15-year lease.
The landlord will use the proceeds to retire existing debt on the property and recapture some $1.67 million in equity, Progress Capital said. The borrower is expected to use the funds to make additional acquisitions of retail, mixed-use and multifamily buildings throughout New Jersey.
Progress Capital Partner Brad Domenico brokered the financing, which includes a 65 percent loan-to-value ratio and has a seven-year fixed rate of 4.25 percent amortized over 30 years with a five year extension option, the news release said.
Other tenants at the property include Family Dollar, Brenda’s Bakery and a food store.