PSG Lending Provides $12.8 Million Construction Loan To Landlord Nosson Katz For Development Site In Newark
FINANCED
$12,800,000
New Jersey
See Similar DealsDevelopment Site70,000 SF
Financed
FINANCED
PSG Lending Provides $12.8 Million Construction Loan To Landlord Nosson Katz For Development Site In Newark
298-302 North 4th Street
See Similar DealsDevelopment Site70,000 SF
Financed
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$182
Total Square Footage:70000 SF
Transaction Type:Loan
The property asset involved is a development site located at 298-302 North 4th Street in Newark, with a building square footage of 70,000 and a buildable square footage of 60,000. The transaction involves a loan amount of $12,800,000 for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,800,000
- Lender: PSG Lending
- Landlord: Nosson Katz
- Loan Type: Construction
- Loan Terms: 85% LTC & 70% ASV, 24 Months + Extensions
- Brokers: Jake Gluck & Michael Helmreich - Fortune Capital Group
Key individuals involved in the transaction include landlord Nosson Katz and brokers Jake Gluck and Michael Helmreich from Fortune Capital Group. For any financing needs, Jake Gluck can be contacted at 973-713-6673 or via email at [email protected].
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$12,800,000.00
Monthly NOI$85,333.33
Monthly Debt Service$80,904.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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