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Bank Hapoalim Provides $38.7M Loan For One Jones Park Development By Alessandro Bonati In Jersey City
FINANCED
$38,700,000
New Jersey
See Similar DealsDevelopment Site
Financed 11/21/2024
FINANCED
Bank Hapoalim Provides $38.7M Loan For One Jones Park Development By Alessandro Bonati In Jersey City
387 Eighth Street
See Similar DealsDevelopment Site
Financed 11/21/2024
Summary
NEW JERSEY
Asset Type:Development Site
Transaction Type:Loan
A construction loan of $38,700,000 was secured for a development site located at 387 Eighth Street in Jersey City. The property is designated for a 72-unit condo project named One Jones Park, developed by EPIRE of New York. The project will include up to three-bedroom units, a 90-car garage, and various amenities, such as a fitness center and residents’ lounges. Completion is anticipated by late next year.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $38,700,000
- Lender: Bank Hapoalim (BHI)
- Landlord: Alessandro Bonati - EPIRE
The transaction involves key individuals, with Alessandro Bonati representing EPIRE in the deal. Bank Hapoalim provides the financing for the construction project, which aims to enhance the housing options in Jersey City.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,700,000.00
Monthly NOI$258,000.00
Monthly Debt Service$244,610.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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