Freedom Capital Secures $13.6 Million Construction Loan From IceCap Group For Newark Development Site
638 646 Raymond Boulevard
$13,600,000
$209/SF
Building Size
65,000 SF
Asset Type
Development Site
Closing
Aug 27, 2025
AI
The asset involved is a development site located at 638-646 Raymond Boulevard in Newark, encompassing a total square footage of 65,000. A construction loan was arranged for this project with a total amount of $13,600,000, with terms set for a duration of 24 months.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $13,600,000
- Lender: IceCap Group
- Landlord: Freedom Capital
- Loan Type: Construction
- Loan Terms: 24 Months
- Brokers: Jake Gluck & Michael Helmreich - Fortune Capital Group
Key individuals in this transaction include Jake Gluck and Michael Helmreich, who are representatives from Fortune Capital Group, facilitating the financing for Freedom Capital in this deal.
Players
Newark 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
1.17%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93