A rendering of proposed mixed-use, waterfront redevelopment in Newburgh, New York — Courtesy: Progress Capital Advisors
By Joshua Burd
Progress Capital Advisors has arranged $4.65 million in financing for a client’s 814,000-square-foot, mixed-use development about 35 miles outside New Jersey.
The Tinton Falls-based firm announced that it had sourced the bridge loan for the project in Newburgh, New York, located at 2-4 Washington St., 29 South Water St. and 2 Front St. The borrower had already acquired the land, ferry terminal and existing smaller structures on the properties, Progress said, but was looking to continue with a development that includes 528,583 square feet of residential condominiums, 181,811 square feet of parking, 101,631 square feet of retail space and 1,950 square feet dedicated to a ferry terminal and dock.
The loan will be used to retire existing debt on the properties and recapture vested equity to finance a series of phase one engineering and site costs, the firm said in a news release. Progress Partner Brad Domenico arranged the 12-month interest-only bridge loan with two six-month extension options, noting that it represents 50 percent of the current as-is value of the existing properties and structures.
