Updated Oct 28, 2024
Bank Hapoalim Provides $36M Construction Loan For Development Site In Jersey City Powerhouse Arts District
144 1st Street, Jersey City, NJ 07302
$36,000,000
$313/SF
Building Size
115,000 SF
Asset Type
Development Site
Closing
Dec 28, 2021
About this deal
AI
An development site located at 144 First Street in Jersey City's Powerhouse Arts District has been involved in a recent closed transaction. The property spans approximately 115,000 square feet and is designated as a development site. The transaction took place on December 28, 2021.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $36,000,000
- Address: 144 First Street, Jersey City, Powerhouse Arts District
- Lender: Bank Hapoalim
- Landlord: 144 First Holdings LLC
- Loan Type: Construction Loan
Bank Hapoalim provided a construction loan of $36,000,000 for the development site at 144 First Street. The landlord for the property is 144 First Holdings LLC. The transaction details illustrate the successful financing of a significant development project in the Powerhouse Arts District of Jersey City.
Players
Jersey City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93