Car Wash Refinance - New Jersey
$5,750,000 loan arranged by PlattPointe Capital.
RAMSEY, NJ – PlattPointe Capital is pleased to announce the recent closing of a $5.75MM bridge loan for a state-of-the-art luxury car wash located in Ramsey, NJ, an affluent borough in Bergen County.
PlattPointe was engaged by a seasoned New Jersey-based real estate developer and investor to procure a short-term, high-leverage bridge loan. The loan provided proceeds to take out an existing loan, execute their value-add strategy of upgrading the existing car wash equipment, and implement a new membership plan.
• 75% LTV
• Under 60 Day Closing
• Interest Only
As a result of the recent Fed interest rate hikes, many traditional banks are underwriting significantly more conservatively, and in some cases not providing loans to new clients altogether. Private debt funds, such as the one used for this transaction, have significant capital to deploy toward quality commercial real estate assets and can provide certainty of execution, stretch leverage, and flexible recourse. Despite the challenging market, PlattPointe Capital is proud to have met the client’s needs through a creative debt fund and we look forward to future transactions to help this client scale their portfolio.
PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the capital markets by arranging optimal alternative debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.
More information can be found at www.plattpointe.com.
For any inquiries nationwide, please contact:
Jason Aubrey | 303.598.3876 | firstname.lastname@example.org
Creighton Bildstein | 303.589.4258 | email@example.com
Matthew Biegner | 720.470.7706 | firstname.lastname@example.org
TRANSACTION BY THE NUMBERS
Loan to Value (LTV)
Days to Close