Cronheim Mortgage Secures $7.75M Loan For Jersey City Development Site
FINANCED
$7,750,000
New Jersey
See Similar DealsDevelopment Site33,000 SF
Financed 02/17/2021
FINANCED
Cronheim Mortgage Secures $7.75M Loan For Jersey City Development Site
506 Central Ave, Jersey City, NJ, USA
See Similar DealsDevelopment Site33,000 SF
Financed 02/17/2021
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$234
Total Square Footage:33,000 SF
Transaction Type:Loan
A development site located at 506 Central Ave in Jersey City has recently closed a transaction. The property, which spans an unspecified square footage, was involved in a deal facilitated by Janet Proscia & David Turley of Cronheim Mortgage. The transaction took place on 02/17/2021, with a loan amount of $7,750,000 for a 10-year fixed rate. The property is reported to consist of 25 units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,750,000
- Address: 506 Central Ave
- Market: Jersey City
Janet Proscia & David Turley, representing Cronheim Mortgage, played a significant role in the deal, serving as brokers for the transaction.
Players
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,750,000.00
Monthly NOI$51,666.67
Monthly Debt Service$48,985.27
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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