Updated Oct 29, 2024
Hanover Bank Provides $3.1M Refinance Loan For Commercial Property In Jersey City, NJ
335 Newark Ave, Jersey City, New Jersey 07302, United States
$3,100,000
$238,461/SF
Building Size
13 SF
Asset Type
Commercial
Closing
Nov 22, 2022
About this deal
AI
A commercial property located at 335-337 Newark Ave in Jersey City, NJ has recently undergone a loan refinancing transaction. The property, which encompasses approximately 13,353 square feet, consists of theatre and restaurant spaces. The loan refinancing was facilitated by Hanover Bank, in the amount of $3,100,000.
Summary of Transaction Details
- Property Type: Commercial (Theatre/Restaurants)
- Transaction Amount: $3,100,000
- Date: 11/22/2022
- Address: 335-337 Newark Ave, Jersey City, NJ
- Market: Jersey City, NJ
The landlord of the property is BLDGup, represented by Ben LoPiccolo and Kevin Kansagra. The loan refinancing deal was facilitated by Gabby Cali of Progress Capital.
Players
Jersey City Commercial Market Snapshot
Boundary boundary · Commercial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.12%
Cash-on-Cash
-1.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93