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Bank Hapoalim Provides $36M Construction Loan For Development Site In Jersey City Powerhouse Arts District

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FINANCED
$36,000,000

New Jersey

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Development Site115,000 SF
Financed 12/28/2021
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Property Image
FINANCED

Bank Hapoalim Provides $36M Construction Loan For Development Site In Jersey City Powerhouse Arts District

144 1st Street, Jersey City, NJ 07302

See Similar Deals
Development Site115,000 SF
Financed 12/28/2021
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$313
Total Square Footage:115,000 SF
Transaction Type:Loan

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

Bank Hapoalim (BHI)
Bank Hapoalim (BHI)
LENDER

Details

FINANCED
IMAGE: Alessandro Bonati DATE: 12/28/2021 ADDRESS: 144 First Street MARKET: Jersey City, Powerhouse Arts District ASSET TYPE: Development Site ~ SF: 115,000 LENDER: Bank Hapoalim LANDLORD: 144 First Holdings LLC LOAN AMOUNT: $36,000,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$36,000,000.00

Monthly NOI$240,000.00
Monthly Debt Service$227,544.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00