FINANCEDDevelopment Site
GPS Capital Closes $2M Bridge Loan For Development Site At 655 Pennsylvania Avenue In Elizabeth, NJ
655 Pennsylvania Ave Elizabeth, Nj 07201, Usa
$2,000,000
$52/SF
Building Size
38,000 SF
Asset Type
Development Site
Closing
Mar 20, 2023
AI
A development site located at 655 Pennsylvania Avenue in Elizabeth, NJ has been involved in a recent loan transaction. The site spans approximately 38,000 square feet and is owned by Benny Katz. The lender, GPS Capital, provided a bridge loan amounting to $2,000,000. The loan was closed in just 2 days, showcasing the efficiency of the transaction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,000,000
- Address: 655 Pennsylvania Avenue, Elizabeth, NJ
- Market: Elizabeth, NJ
- Owner: Benny Katz
- Lender: GPS Capital - Steven Goldschmied
This swift loan transaction demonstrates the effectiveness of GPS Capital as a lender. Steven Goldschmied, representing GPS Capital, facilitated the deal and can be contacted via email at [email protected] for further inquiries.
Players
New Jersey 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
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93