Updated Oct 28, 2024
Cooper Horowitz Arranges $13M Loan For Self-Storage Acquisition In Newark, NJ
425 Ferry Street, Newark, New Jersey 07105, United States
$13,000,000
$146/SF
Building Size
88,777 SF
Asset Type
—
Closing
May 5, 2022
About this deal
AI
The self-storage property located at 425 Ferry St. in Newark, NJ was recently involved in a closed transaction. The property spans approximately 88,777 square feet and is owned by StorageBlue. The deal was facilitated by brokers Richard Horowitz and Justin Horowitz from Cooper Horowitz LLC.
Summary of transation details
- Property Type: Self-Storage
- Transaction Amount: $13,000,000
- Loan Type: Acquisition
Cooper Horowitz LLC arranged a loan of $13,000,000 for the acquisition of the property. The loan includes $9,600,000 in financing and $3,400,000 in LP equity sourced from an Equity Partner.
Players
Newark 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
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93