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Benefit Street Partners Provides $210 Million Construction Loan For Weehawken Condo Development Site

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FINANCED
$210,000,000

New Jersey

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Development Site328,062 SF
Financed 06/27/2024
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Property Image
FINANCED

Benefit Street Partners Provides $210 Million Construction Loan For Weehawken Condo Development Site

1800 Avenue At Port Imperial

See Similar Deals
Development Site328,062 SF
Financed 06/27/2024
Contact now

Summary

NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$640
Total Square Footage:328,062 SF
Transaction Type:Loan

The property asset involved in this context is a condo development site located at 1800 Avenue at Port Imperial, Weehawken, NJ. It consists of 282 units, with a built square footage (BSF) of 496,644 and a net square footage (NSF) of 328,062. The loan amount secured for this development is $210,000,000, categorized as a construction loan.

Summary of transaction details:

  • Property Type: Condo Development Site
  • Transaction Amount: $210,000,000
  • Address: 1800 Avenue at Port Imperial
  • Market: Weehawken, NJ
  • Units: 282
  • Built Square Footage: 496,644
  • Net Square Footage: 328,062
  • Lender: Benefit Street Partners
  • Landlord: David Wei - WHK Development
  • Brokers: Peter Nicoletti, Dylan Kane & Zach Redding - Colliers

The key individuals involved in the deal include David Wei representing WHK Development as the landlord. The brokerage team consists of Peter Nicoletti, Dylan Kane, and Zach Redding from Colliers, facilitating the transaction. Benefit Street Partners is the lender providing the financing for this construction project.

Players

Dylan Kane
58 deals$2.9B volume(516) 965-7860
BROKER

Peter Nicoletti
Colliers
10 deals$817.2M volume
BROKER

Zach Redding
Colliers
54 deals$1.8B volume(570) 574-9015
BROKER

B6 Real Estate Advisors
BROKERAGE

Details

FINANCED
IMAGE: Peter Nicoletti, Dylan Kane & Zach Redding DATE: 07/01/2024 ADDRESS: 1800 Avenue at Port Imperial MARKET: Weehawken, NJ ASSET TYPE: Condo Development Site ~ Units: 282 ~ BSF: 496,644 ~ NSF: 328,062 LENDER: Benefit Street Partners LANDLORD: David Wei - WHK Development BROKERS: Peter Nicoletti, Dylan Kane (@DylanKane1) & Zach Redding (@ZRedds) (@Kane.Redding) - Colliers (@ColliersInternational) LOAN AMOUNT: $210,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$210,000,000.00

Monthly NOI$1,400,000.00
Monthly Debt Service$1,327,342.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00