TriState Capital Provides $4.7M Acquisition Loan For Retail Property In Elizabeth, NJ

Located at 701 Spring Street in Elizabeth, NJ, this retail property was recently acquired through an acquisition loan. The transaction took place on May 5, 2021, and the loan amount was $4,700,000. The property is situated in the Elizabeth market, known for its vibrant retail sector. The loan was provided by TriState Capital, a prominent lender in the industry. The landlord of the property is Justin DiMare.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $4,700,000
• Loan Type: Acquisition
• Lender: TriState Capital
• Landlord: Justin DiMare
• Brokers: Brad Domenico - Progress Capital, Frank Stanislaski - Progress Capital
• Loan Terms: Full Term I/O

The deal was facilitated by Brad Domenico from Progress Capital and Frank Stanislaski, also from Progress Capital. These brokers represented the buyer in the transaction. Their expertise in the retail market and their network of contacts contributed to the successful acquisition of the property. TriState Capital, the lender in this deal, provided a loan with full-term interest-only (I/O) repayment terms.