Hector Rosero Of Pilla Investments Secures $1.4M Construction Loan From Tei Kim Of Amplend For Norwood Development Site
FINANCED
$1,439,000
New Jersey
See Similar DealsDevelopment Site1,580 SF
Financed
FINANCED
Hector Rosero Of Pilla Investments Secures $1.4M Construction Loan From Tei Kim Of Amplend For Norwood Development Site
26 Garnett Place
See Similar DealsDevelopment Site1,580 SF
Financed
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$910
Total Square Footage:1580 SF
Transaction Type:Loan
The asset involved in this transaction is a development site located at 26 Garnett Place, Norwood. The site currently features an existing 1,580 square foot single-family residence that is planned for redevelopment into a larger 5,250 square foot luxury home.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,439,000
- Lender: Tei Kim - Amplend
- Landlord: Hector Rosero - Pilla Investments LLC
- Loan Type: Construction
- Loan Terms: 12 months
Tei Kim serves as the lender representing Amplend in this transaction, while Hector Rosero represents Pilla Investments LLC as the landlord. The loan secured is part of Pilla Investments' strategic move to expand within the high-end luxury development sector in North Jersey.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$1,439,000.00
Monthly NOI$9,593.33
Monthly Debt Service$9,095.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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