Updated Mar 11, 2025
Progress Direct Provides $3 Million Bridge Loan For Newark Mixed-Use Development Site
Newark, New Jersey, United States
$3,000,000
$13/SF
Building Size
231,000 SF
Asset Type
Development Site
Closing
Mar 22, 2022
About this deal
AI
A development site for a mixed-use project in Newark, NJ has been sold in a closed transaction. The property, which consists of a 23-story tower and spans 231,000 square feet, was listed on Instagram.
Summary of transaction details:
- Property Type: Development Site for Mixed-use (23-Story Tower)
- Transaction Date: March 23, 2022
- Market: Newark, NJ
- Loan Amount: $3,000,000
- Loan Type: Bridge
- Lender: Progress Direct - Kyle Altenau
The lender for this transaction was Progress Direct, represented by Kyle Altenau. Despite significant challenges, the deal was successfully closed in just two weeks. If you are in need of a fast closing, you can contact Kyle Altenau at 862-368-5004 or via email at [email protected].
Players
Newark 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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93