Mid-Atlantic Alliance Secures $10.96M Construction Loan From Builders Capital For Newark Development Site
FINANCED
$10,965,281
New Jersey
See Similar DealsDevelopment Site12,188 SF
Financed 01/31/2025
FINANCED
Mid-Atlantic Alliance Secures $10.96M Construction Loan From Builders Capital For Newark Development Site
535 Dr Martin Luther King Jr Boulevard
See Similar DealsDevelopment Site12,188 SF
Financed 01/31/2025
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$899
Total Square Footage:12,188 SF
Transaction Type:Loan
The property asset involved is a development site located at 535 Dr Martin Luther King Jr Boulevard in Newark. The total building square footage is 12,188 with a buildable square footage of 71,000. The transaction involved a construction loan amounting to $10,965,281.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,965,281
- Lender: Builders Capital
- Landlord: Mid-Atlantic Alliance
- Brokers: Chaim Greenfeld, Joseph Sasson & Alex Jaffa - Eastern Union
The key individuals involved in the deal are Chaim Greenfeld, Joseph Sasson, and Alex Jaffa, who represent Eastern Union. These brokers facilitated the transaction, ensuring the loan agreement was successfully established for the landlord Mid-Atlantic Alliance and lender Builders Capital.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,965,281.00
Monthly NOI$73,101.87
Monthly Debt Service$69,308.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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