PSG Lending Provides $12.8 Million Construction Loan To Landlord Nosson Katz For Development Site In Newark
298-302 North 4th Street
$12,800,000
$182/SF
Building Size
70,000 SF
Asset Type
Development Site
Closing
Nov 26, 2024
AI
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
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
1.24%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93