Updated Oct 29, 2024
Valley National Bank Provides $30.7M Acquisition Loan For Morris Plains Multifamily Property
1000 The American Road
$30,700,000
$273/SF
Building Size
112,378 SF
Asset Type
MultiFamily
Closing
Mar 8, 2023
About this deal
AI
The American Road property in Morris Plains was recently involved in a closed transaction. The multifamily asset consists of 125 units and spans across 112,378 square feet. The transaction involved an acquisition loan amounting to $30,700,000. The property is located at 1000 The American Road and is owned by Shamah Properties. The transaction was facilitated by Morris Betesh and Alex Bailkin from Meridian Capital Group. Valley National Bank served as the lender in this deal.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,700,000
- Units: 125
- Square Footage: 112,378
- Address: 1000 The American Road, Morris Plains
- Market: Morris Plains
The successful completion of this transaction was made possible by the collaborative efforts of Morris Betesh and Alex Bailkin from Meridian Capital Group, who represented the buyer and seller respectively. Their expertise and negotiation skills played a crucial role in closing the deal.
Players
Dearborn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93