Valley Bank Provides $35M Refinance Loan On Jersey City Multifamily Property

Tay Investments has secured a $35,000,000 loan from Valley Bank to refinance a multifamily property located at 829 Garfield Ave in Jersey City. The property consists of 110 units, and the loan terms include a 5-year term with 2 years of interest-only payments, no pre-payment penalty, non-recourse financing, full leverage, and a fixed rate.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $35,000,000
• Address: 829 Garfield Ave, Jersey City
• Units: 110
• Lender: Valley Bank
• Landlord: Tay Investments
• Brokers: Max Gejerman & Andrew Liebhard - Meridian Capital Group

Max Gejerman and Andrew Liebhard, representing Meridian Capital Group, were the brokers involved in this deal. The loan allows Tay Investments to refinance the multifamily property under favorable terms, providing them with the financial flexibility needed for their investment.