Updated Oct 28, 2024
Lakeland Bank Provides $12M Loan For Self Storage Property On Van Buren Avenue, Westwood
10 Van Buren Avenue, Westwood, New Jersey 07675, United States
$12,000,000
Units
830
Asset Type
—
Closing
Sep 28, 2022
About this deal
AI
The self storage property located at 10 Van Buren Avenue in Westwood has been involved in a recent transaction. The property comprises 830 units and is owned by Maxim Realty Trust, with Gerry A. Puccio acting as the landlord. The deal was facilitated by Gregory Nalbandian from JLL.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $12,000,000
- Date: 09/29/2022
- Address: 10 Van Buren Avenue
- Market: Westwood
- Units: 830
The 10-year, fixed-rate loan for this transaction was provided by Lakeland Bank. The loan amount was $12,000,000.
On the Map
$12,000,000
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Players
Westwood CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93