Freedom Capital Secures $13.6 Million Construction Loan From IceCap Group For Newark Development Site
FINANCED
$13,600,000
New Jersey
See Similar DealsDevelopment Site65,000 SF
Financed
FINANCED
Freedom Capital Secures $13.6 Million Construction Loan From IceCap Group For Newark Development Site
638 646 Raymond Boulevard
See Similar DealsDevelopment Site65,000 SF
Financed
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$209
Total Square Footage:65000 SF
Transaction Type:Loan
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
BROKERAGE
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$13,600,000.00
Monthly NOI$90,666.67
Monthly Debt Service$85,961.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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