E-Business Online reports that Progress Capital has arranged a $23 million loan to refinance a retail property in Harlem. CVS and Zwanger Pesiri Radiology anchor the property, which is located at 324 W. 125th St. Abe Mann of Progress Capital secured financing on behalf of the borrower, Wharton Properties. The lender was Wells Fargo. Terms of the non-recourse loan include full-term interest-only payments and no prepayment penalty.
The proceeds of the loan will be used to retire existing debt and provide cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s portfolio.