Little Egg Harbor Township, NJ, March 25, 2017 --(PR.com
)-- Dave Cappello of Progress Capital Advisors secured a $3 Million loan for a commercial borrower to acquire, renovate and redevelop the ailing Sea Village Marina, a houseboat community along the Margate Causeway at the Jersey Shore. Former Mayor John Best III, established the Sea Village community in the early 1980s, but the property has remained abandoned and in severe disrepair after it’s almost 75 residents fled as Hurricane Sandy approached in late October 2012. Having limited the allowable number of floating communities in 1985 to just one in the state, the NJDEP regulations limited the ability of the Marina and its houseboat owners to make necessary replacements and repairs while also preventing a sale of the property due to its unclear development potential.
“This was a challenging loan. Marinas aren’t always the easiest loans to secure normally – but add a community of houseboats, the only in NJ, severe hurricane damage, lack of recent operating history and a series of foreclosure proceedings – and you’ve got quite the hurdle to jump. But we did it, and now this community can finally start rebuilding!” mentioned Cappello when discussing the finalized negotiations. This loan is an acquisition and construction loan, with an interest rate fixed for 5 years at 4.25% with 20-year amortization.
Progress Capital Advisors is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners, residential developers and STNL properties. Since 1990, Progress Capital has successfully closed in excess of $40 Billion in commercial loans, fostering knowledge and credibility to negotiate the most favorable terms on behalf of a diverse range of clients including transactions of some of the most notable commercial addresses throughout the United States. We get you to the closing table – plain and simple… that’s Progress!