Cronheim Mortgage Secures $7.75M Loan For Jersey City Development Site
506 Central Ave, Jersey City, NJ, USA
$7,750,000
$234/SF
Building Size
33,000 SF
Asset Type
Development Site
Closing
Feb 16, 2021
AI
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
Jersey City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.05%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93