Rabieh Darwichie Acquires Land/New Construction In North Caldwell, NJ For $3.6M With Lender LevCap

The property involved in this transaction is located at 68-72 Grandview Ave in North Caldwell, NJ. It is a land/new construction asset. The seller of the property is John Devries Jr A and Brian R Devries. The buyer is Rabieh Darwichie. The transaction was facilitated by brokers Eric Panecki and Veronique Hut. The sale price for the property was $3,600,000. The property spans 14,800 square feet, and the price per square foot is $243.

Summary of transaction details

• Property Type: Land/New Construction
• Transaction Amount: $3,600,000
• Address: 68-72 Grandview Ave, North Caldwell, NJ
• Market: North Caldwell, NJ
• Seller: John Devries Jr A & Brian R Devries
• Buyer: Rabieh Darwichie
• Brokers: Eric Panecki & Veronique Hut
• Square Footage: 14,800
• Price per Square Foot: $243

The loan for this transaction was provided by LevCap. The total loan amount was $3,600,000, with terms of an 18-month bridge loan. The loan-to-cost (LTC) ratio was 85%. The lender noted that this loan was for the acquisition of land and construction of four single-family homes in a new cul-de-sac in North Caldwell. The closing timeline for the loan was 3 weeks, and the loan-to-after-repair-value (LTARV) ratio was 70%.