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Progress Capital Facilitates $10.85M Acquisition Loan For Industrial Property In Readington, NJ

Property Image
FINANCED
$10,850,000
Caillin Boles
Kathy Anderson
Roy Pascal

New Jersey

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Industrial156,000 SF
Financed 05/26/2023
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Property Image
FINANCED

Progress Capital Facilitates $10.85M Acquisition Loan For Industrial Property In Readington, NJ

291 Us 22 Lebanon, Nj 08833, Usa

See Similar Deals
Industrial156,000 SF
Financed 05/26/2023
Caillin Boles
Kathy Anderson
Roy Pascal
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$69
Total Square Footage:156,000 SF
Transaction Type:Loan

Located at 291 Route 22 East in Readington, NJ, this industrial property spans over 156,000 square feet. The deal was closed on May 26, 2023, with an acquisition loan of $10,850,000. The loan is fixed at a rate of 5.875% and includes a 3-2-1-0 prepayment option.

Summary of transaction details

Kathy Anderson and Caillin Boles from Progress Capital represented the buyer in this acquisition loan. The property is owned by Commerce Park Investors, with Roy Pascal as their representative. With a fixed rate of 5.875% and an attractive prepayment option, this loan provides favorable terms for the buyer.

Players

Kathy Anderson
Cushman & Wakefield
Kathy Anderson
55 deals$922.6M volume(732) 720-6301
BROKER
Caillin Boles
Cushman & Wakefield
Caillin Boles
44 deals$520.3M volume(732) 720-6308
BROKER
Roy Pascal
Roy Pascal
13 deals$61.8M volume
LANDLORD

Details

FINANCED
IMAGE: Kathy Anderson & Roy Pascal DATE: 05/26/2023 ADDRESS: 291 Route 22 East MARKET: Readington, NJ ASSET TYPE: Industrial ~ SF: 156,000 LANDLORD: Commerce Park Investors - Roy Pascal BROKER: Kathy Anderson (@Money.Girl.Kathy) & Caillin Boles (@CBoles21) - Progress Capital (@Progress.Capital) LOAN AMOUNT: $10,850,000 LOAN TYPE: Acquisition LOAN TERMS: Rate is fixed at 5.875% with a 3-2-1-0 prepay

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,850,000.00

Monthly NOI$72,333.33
Monthly Debt Service$68,579.38
Change in Cash Flow$0.00
Refinance Proceeds$0.00