PROGRESS REALTY ADVISORS CLOSE MORE THAN $50M IN LOANS

SHREWSBURY, N.J. — Progress Realty Advisors has secured more than $50 million in loans for properties in the Northeast. These loans include:

• A $35 million credit facility for Workstage to develop a 305,000-square-foot Class A office building in Wallingford, Conn. The property is pre-leased to WellPoint and Steelcase Inc. Bruce Dashevsky of Progress Realty Advisors arranged the financing.
• Three loans totaling $7.9 million to help a Hoboken, N.J.-borrower retire a portion of his construction loan for the Jefferson Bank Building, refinance two other buildings on the property and lock in a 4.5 percent interest rate. The loan is based on a 30-year amortization schedule. Kathy Anderson of Progress closed the loans.
• A $3.4 million first mortgage secured by four medical arts buildings. Joel Kraut of Progress closed the loan.
• A $2.5 million construction loan to acquire and renovate a former Jeep dealership and convert it into a 28,000-square-foot retail center anchored by Family Dollar. The loan is based on a 25-year amortization schedule at 4.9 percent.