Vanta Development Refinances Orange & Vernon, NJ Package Deal For $6M With JG Funding Corp
FINANCED
$6,000,000
New Jersey
See Similar Deals1,507,000 SF
Financed 06/08/2022
FINANCED
Vanta Development Refinances Orange & Vernon, NJ Package Deal For $6M With JG Funding Corp
475 Main Street, Orange, New Jersey 07050, United States
See Similar Deals1,507,000 SF
Financed 06/08/2022
Summary
NEW JERSEY
Price Per Square Foot:$4
Total Square Footage:1,507,000 SF
Transaction Type:Loan
Jeremy Goldzal & Josh Grunzweig facilitated a loan transaction for a package deal involving multiple properties in Orange and Vernon, NJ. The properties included in the deal are located at 475 Main Street, 91 Main Street, 748 Berkeley Avenue, 636 Central Avenue, and 114 RT 94 and MC AFEE, with a total square footage of 1,507,000.
Summary of transaction details
- Property Type: Package Deal
- Transaction Amount: $6,000,000
- Loan Type: Refinance
- Loan Terms: 1st Lien, 12 months + extensions; I/O payment
- Lender: JG Funding Corp
- Landlord: Vanta Development
The loan amount for this transaction was $6,000,000, and it was used to refinance the properties. The loan terms included a 1st lien and a repayment period of 12 months with the possibility of extensions. Interest-only payments were required.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,000,000.00
Monthly NOI$40,000.00
Monthly Debt Service$37,924.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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