Brian Philipson Of Urban Square Properties Secures $13.1M Loan For Vroom Street Apartments In Jersey City
72 Vroom Street & 76 Vroom Street
$13,100,000
Building Size
—
Asset Type
Development Site
Closing
Jul 18, 2024
AI
The development site at 72-76 Vroom Street in Jersey City is set for the construction of Vroom Street Apartments, which will comprise 42 luxury units. The location is strategically positioned near the Journal Square PATH Station, providing convenient access to New York City. The planned project will also include upscale amenities and office space, facilitating a comprehensive living and working environment.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $13,100,000
- Lender: First Bank
- Landlord: Brian Philipson - Urban Square Properties
- Brokers: Max Custer & Salvatore Buzzerio - JLL
- Loan Type: Construction Loan
- Loan Terms: two-year
JLL Capital Markets played a significant role in securing the construction financing necessary for the venture. The project is managed by Urban Square Properties, reflecting their commitment to enhancing the residential landscape of Jersey City through this development.
Players
Jersey City 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
1.21%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93