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Valley Bank Provides $11M Construction Loan For Stonegate Buildings In Passaic, NJ

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FINANCED
$11,000,000
Zev Feder
Satyam Patel

National

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MultiFamily50,000 SF
Financed
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Property Image
FINANCED

Valley Bank Provides $11M Construction Loan For Stonegate Buildings In Passaic, NJ

MultiFamily50,000 SF
Financed
Zev Feder
Satyam Patel
the dealplayerscompscontact
Contact now

Summary

Asset Type:MultiFamily
Price Per Square Foot:$220
Total Square Footage:50,000 SF
Transaction Type:Loan

The asset involved in this transaction is a multifamily property located in Passaic, NJ, covering a total square footage of 50,000. The transaction involves a construction loan amounting to $11,000,000, facilitated by Valley Bank, while the landlord is Stonegate Buildings.

Summary of transaction details:

Zev Feder and Satyam Patel from Meridian Capital Group represent the landlord, Stonegate Buildings, in this construction loan transaction, playing a crucial role in facilitating the agreement with Valley Bank.

Players

Zev Feder
Meridian Capital Group
Zev Feder
10 deals$139.7M volume(212) 612-0140
BROKER
Satyam Patel
Meridian Capital Group
Satyam Patel
7 deals$99.4M volume(646) 448-1012
BROKER

Details

FINANCED
IMAGE: Zev Feder & Satyam Patel DATE: 09/02/2022 MARKET: Passaic, NJ ASSET TYPE: Multifamily ~ SF: 50,000 LENDER: Valley Bank LANDLORD: Stonegate Buildings BROKERS: Zev Feder & Satyam Patel - Meridian Capital Group LOAN AMOUNT: $11,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,000,000.00

Monthly NOI$73,333.33
Monthly Debt Service$69,527.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00