The loan amount represents a 70 percent loan to value ratio.
The four-story property has 20,000 square feet of ground floor retail space and 44 residential apartments on the upper three floors. It is located within the retail hub of Brick Township with easy access to Routes 70, 88 and 549, and the Garden State Parkway.
According to Progress Capital, Anderson worked with Oak Ridge-based Lakeland Bank to provide key terms including, a 4.60 percent fixed rate for seven years, a 30 year amortization, equity recapture, and swap breakage.
The proceeds of the loan will be used to retire existing debt and provide significant cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s real estate investment portfolio.
Tinton Falls-based Progress Capital is a commercial mortgage brokerage firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 billion in commercial loans and directly funded over $150 Million, according to the company.