Mario Echevarria Acquires Development Site In Guttenberg, NJ With $5.2M Land Loan

The property involved in this transaction is a development site located at 7000 Adams Street in Guttenberg, NJ. The asset type is a development site, and the transaction took place on 03/10/2021.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $5,242,000
• Loan Type: Land Loan
• Lender: Mariners Bank
• Landlord: Mario Echevarria
• Broker: Emil DePasquale - Black Bear Capital Partners

The 12-month land loan, provided by Mariners Bank, features a 6.25% interest rate. The loan was used to acquire the remaining lots in a land assemblage and take out the existing debt on the current lots owned. The project has full site plan approval for the ground-up construction of a 9-story, 156-unit luxury apartment building. The building will also include two commercial units spanning 3,040 RSF, a museum, green roof, bike room, community lounge, fitness room, and a three-floor parking garage with 166 residential parking spaces plus a vehicle lift.