Peapack Gladstone Bank Provides $6.6M Line Of Credit For Multifamily Project On Walnut Street
FINANCED
$6,600,000
National
See Similar DealsMultiFamily
Financed 01/26/2023
FINANCED
Peapack Gladstone Bank Provides $6.6M Line Of Credit For Multifamily Project On Walnut Street
4413-17 Walnut Street
See Similar DealsMultiFamily
Financed 01/26/2023
Summary
Asset Type:MultiFamily
Transaction Type:Loan
The development of a 30-unit multifamily project located at 4413-17 Walnut Street in Philadelphia, PA has been financed through a 3-year loan. The loan amount provided by Peapack Gladstone Bank totals $6,600,000 and is in the form of a Line of Credit. The terms of the loan include interest-only payments for the entire duration of the term.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,600,000
- Lender: Peapack Gladstone Bank
- Landlord: New Horizons Housing
- Broker: Emil DePasquale - Black Bear Capital Partners
Emil DePasquale of Black Bear Capital Partners represented the involved parties in this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,600,000.00
Monthly NOI$44,000.00
Monthly Debt Service$41,716.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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