Updated Feb 16, 2024
Bank Leumi Provides $16M Construction Loan For Development Site On Pine Street In Jersey City
311 Pine Street, Jersey City, NJ 07304, USA
$16,000,000
$11,967/SF
Building Size
1,337 SF
Asset Type
Development Site
Closing
Apr 28, 2021
About this deal
AI
The closed transaction on April 29, 2021, involved a development site located at 311 Pine Street in Jersey City, NJ. The asset type of the property was a development site, and the loan obtained for this transaction was a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Loan Type: Construction
- Loan Amount: $16,000,000
- Lender: Bank Leumi - David Shemtov & Jeffrey Punchin
- Landlord: Mark Rigerman, Paul Jensen & Shimon Jacobowitz - Folxco and Ifany
The lenders for this transaction were David Shemtov and Jeffrey Punchin from Bank Leumi. The landlords involved in the deal were Mark Rigerman, Paul Jensen, Shimon Jacobowitz, and the companies Folxco and Ifany.
Players
Jersey City 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93