Updated Oct 28, 2024
State Farm Life Insurance Company Provides $110M Refinance Loan For Development Site In Newark
173 Doremus Avenue, Newark, New Jersey 07105, United States
$110,000,000
$126/SF
Building Size
870,000 SF
Asset Type
Development Site
Closing
Nov 30, 2021
About this deal
AI
A development site located at 173-269 Doremus Ave in Essex County, Newark was involved in a recent closed transaction. The property is classified as a Development Site with a Building Square Feet (BSF) of 870,000. The transaction took place on November 30, 2021.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $110,000,000
- Market: Essex County, Newark
- Lender: State Farm Life Insurance Company
- Landlord: Morris Doremus Avenue Associates Urban Renewal LLC
- Loan Type: Refinance
- Loan Terms: This is a new construction warehouse, and the transaction involved refinancing a construction loan to a permanent loan.
The lender in this transaction was State Farm Life Insurance Company, while the landlord was Morris Doremus Avenue Associates Urban Renewal LLC. The loan amount for this refinance transaction was $110,000,000. The property involved in this deal is a new construction warehouse, and the loan terms include refinancing a construction loan to a permanent loan.
Players
Newark Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse New Jersey development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93