Ramani Group Secures $60 Million Construction Loan From Invictus Real Estate Partners In Plainfield
401 East 3rd Street
$60,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 9, 2025
AI
401 East 3rd Street is a development site located in Plainfield, New Jersey, where a mixed-use project is set to be constructed. The project will include 266 residential units along with 10,000 square feet of retail space. The total amount for the construction loan is $60 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $60,000,000
- Lender: Eric Scheffler & Christopher Pardo - Invictus Real Estate Partners
- Landlord: Ramani Group
- Broker: Brian Anderson - Cushman & Wakefield
- Location: 401 East 3rd Street, Plainfield, New Jersey
- Loan Type: Construction
Brian Anderson, representing Cushman & Wakefield, facilitated the financing for this development project, which is strategically located near the NJ Transit commuter rail station, enhancing its accessibility and potential value to future residents and businesses.
Players
Plainfield 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
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93