A rendering of a 40,000-square-foot office and retail center near Hooper Avenue and Yorktown Boulevard in Toms River — Courtesy: Progress Capital Advisors
By Joshua Burd
Plans for a 40,000-square-foot commercial project in Toms River are moving forward with the help of a $6.5 million construction loan arranged by Progress Capital Advisors.
In a news release, the firm said the financing will help fund a 40,000-square-foot office and retail center near the intersection of Hooper Avenue and Yorktown Boulevard. Progress Capital, which is based in Tinton Falls, said the project also calls for an adjoining 4,140-square-foot pad site.
David Cappello of Progress Capital sourced the interest-only construction loan, which has an 18-month term, through Procida Funding’s 100 Mile Fund. He noted that the borrower will also use the proceeds to retire existing debt on the roughly 10-acre development site.
The loan represents two-thirds of the project’s total cost, Cappello said. The complex is currently preleased to Ocean Cuts LLC, Buy-Rite Liquors and a Keller Williams brokerage office, while the developer expects to add another two tenants in the next two months that will bring the plaza to 50 percent leased.
Completion is slated for summer 2018.
