101 Prosper Way in Brick — Courtesy: Progress Capital
By Joshua Burd
The developer of a 44-unit apartment building in Brick has landed a $10 million loan for the project, under a transaction arranged by Progress Capital.
In a news release, the commercial mortgage brokerage firm said it secured the permanent mortgage loan on behalf of Jerald Development Group. The borrower will use the proceeds to retire the existing debt from the project, 101 Prosper Way, and generate a cash-out of vested equity that will allow it to expand its real estate investment portfolio.
Progress Founding Partner Kathy Anderson negotiated the loan, which features a seven-year fixed rate of 4.6 percent with a 30-year amortization. Lakeland Bank provided the financing, which has a 70 percent loan-to-value ratio.
The asset, a four-story property, has 20,000 square feet of ground-floor retail space and 44 apartments on the upper three floors. Progress, which is based in Tinton Falls, touted its location in a strong retail market, with easy access to routes 70, 88 and 549 and the Garden State Parkway.