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Progress Capital Secures $14M Construction Loan For Self-Storage Facility In Boonton, NJ

Property Image
FINANCED
$14,000,000
Caillin Boles
Kathy Anderson

New Jersey

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Industrial102,022 SF
Financed 07/12/2022
the dealplayerscompscontact
Property Image
FINANCED

Progress Capital Secures $14M Construction Loan For Self-Storage Facility In Boonton, NJ

Boonton, New Jersey, United States

See Similar Deals
Industrial102,022 SF
Financed 07/12/2022
Caillin Boles
Kathy Anderson
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$137
Total Square Footage:102,022 SF
Transaction Type:Loan

An industrial property located in Boonton, NJ with a square footage of 102,022 has undergone a closed transaction. The deal involved a construction loan from Columbia Bank amounting to $14,000,000. The loan was secured for the purpose of building a 740-unit self-storage facility.

Summary of transaction details

Kathy Anderson and Caillin Boles from Progress Capital served as the brokers in this deal, representing the involved parties. This transaction marks the development of a 740-unit self-storage facility in Boonton, NJ, supported by a construction loan provided by Columbia Bank.

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
Progress Capital
Progress Capital
BROKERAGE
Columbia Bank
Columbia Bank
LENDER

Details

FINANCED
IMAGE: Kathy Anderson & Caillin Boles DATE: 07/12/2022 MARKET: Boonton, NJ ASSET TYPE: Industrial ~ SF: 102,022 LENDER: Columbia Bank BROKERS: Kathy Anderson (@Money.Girl.Kathy) & Caillin Boles (@CBoles21) - Progress Capital (@Progress.Capital) LOAN AMOUNT: $14,000,000 LOAN TYPE: Construction NOTE FROM BROKER: 740-unit Self-Storage Facility to-be-built

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$14,000,000.00

Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00