Updated Feb 16, 2024
Tall Pines Capital Loan $120M For Mixed-Use Property In Jersey City
400 Claremont Ave, Jersey City, NJ 07304, USA
$120,000,000
Units
120,000,000
Asset Type
—
Closing
Feb 18, 2020
About this deal
AI
Emanuel Stern and Kathy Anderson were involved in a recent closed property transaction. The property, located at 400 Claremont Avenue in Jersey City, is a mixed-use asset. The transaction was facilitated by Tall Pines Capital, with Emanuel Stern acting as the lender. The landlord of the property is Art Johnson. Kathy Anderson, representing Progress Capital, served as the broker in the deal.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $120,000,000
- Units: 631
Emanuel "Manny" Stern, the son of Leonard Stern, was involved in the transaction. Leonard Stern has a net worth of $4.8 billion.
Players
Jersey City CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93