LONG BRANCH, N.J. — Progress Capital Advisors has arranged $9 million in financing for the acquisition of a commercial structure located at 231 Third Ave. in Long Branch and an approved development project for the site. The name of the borrower was not released. The borrower plans to develop The Transit Village at the site. The development will be a five-story, 46-unit multifamily building that will be added to the existing commercial retail asset on the site. Construction is slated to be completed by the end of 2019. Brad Domenico of Progress Capital secured the construction-to-permanent mortgage loan with 24 months of interest-only at a floating rate of LIBOR plus 3.5 percent. The borrower has the option to convert the loan to a permanent mortgage upon stabilization of the project.
Located at 231 Third Ave. in Long Branch, N.J., the development will feature 46 apartment units and ground-floor commercial retail space.
Progress Capital Secures $9M Acquisition Loan for Development Site in Long Branch, New Jersey
242