U.S. Realty Capital brokered a $2.88 million permanent loan for a 17,000 s/f office building located on 495 Schutt Rd. Extension. The financing firm coordinated the funding on behalf of a long-time client who has owned the development site and the adjoining neighborhood shopping center for over a decade. The office building is located in a commercially developed corridor servicing the northeast quadrant of Middletown and the suburb of the township. The neighboring 100,000 s/f retail plaza is anchored by Price Chopper Supermarket.
The loan was placed with a regional bank at a 10-year fixed-rate of 6.36%, 80% loan-to-value and a 25-year amortization.
Rob Pisanelli of U.S. Realty Capital structured the deal which provided close to 100% of the project's costs. The property is currently 100% leased to several prominent local businesses.
U.S. Realty Capital is a national mortgage banking company with nine offices across the country. Providing creative capital solutions for commercial real estate owners and developers throughout the U.S. in 2007 U.S. Realty Capital originated $1.4 billion of debt and equity for their clients. Through their collective knowledge and industry experience, U.S. Realty Capital provides comprehensive project analysis and competitive solutions for the unique needs of each client and project. For additional information please visit www.usrealtycapital.com or call (585) 264-9030. Tags: