115-02 Jamaica Ave. in Queens — Courtesy: Progress Capital Advisors
By Joshua Burd
Progress Capital Advisors has arranged $7 million in financing for the owner of a 38,000-square-foot, mixed-use property in Queens.
The commercial mortgage banker, which is based in Tinton Falls, said the loan is being used to refinance the existing debt on the property at 115-02 Jamaica Ave. in the borough’s Richmond Hill section. The three-story retail and office property is fully occupied by tenants including Wavecrest Management Team, Crunch Fitness and Dollar Tree on the ground floor.
Progress Capital’s Brad Domenico negotiated the nonrecourse permanent mortgage loan, which represents a 60 percent loan to property value with one year of interest-only at 4.25 percent, the firm said in a news release. The loan is subject to a seven-year term with a five-year extension option, a fixed rate of 4.25 percent and a 30-year amortization.
Each tenant at the property is currently subject to a lease agreement with more than 10 years remaining on initial terms, the news release said.