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

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

• Property Type: Industrial
• Transaction Amount: $10,850,000
• Market: Readington, NJ
• Landlord: Commerce Park Investors - Roy Pascal
• Broker: Kathy Anderson & Caillin Boles - Progress Capital

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.