Updated Mar 17, 2025
Cushman & Wakefield Secures $27.3M Acquisition Loan For Newark Development Site
192 Mcclellan Street, Newark, New Jersey 07114, United States
$27,300,000
Building Size
—
Asset Type
Development Site
Closing
Oct 12, 2022
About this deal
AI
Located at 192 McClellan St in Newark, this 9.95-acre development site has recently been involved in a transaction. The property is owned by J.P. Morgan Global Alternatives & Creation Equity and has attracted the attention of various parties in the market.
Summary of transaction details
- Property Type: Development Site
- Transaction Date: 10/13/2022
- Address: 192 McClellan St, Newark
- Market: Newark
- Acres: 9.95
- Lender: Citizens Bank
- Landlord: J.P. Morgan Global Alternatives & Creation Equity
- Brokers: Rob Rubano, John Alascio, Brian Share, T.J. Sullivan, Chuck Kohaut, Max Schafer & Michael Gianesello - Cushman & Wakefield
- Loan Amount: $27,300,000
- Loan Type: Acquisition Loan
Represented by Cushman & Wakefield, the deal involved brokers Rob Rubano, John Alascio, Brian Share, T.J. Sullivan, Chuck Kohaut, Max Schafer & Michael Gianesello. They played a crucial role in facilitating the transaction with the assistance of Citizens Bank, which provided the acquisition loan.
Players
Newark 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
0.58%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93