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110 West 6th Street

Jeffrey Fernbach Acquires Development Site In Plainfield For $2,627,000
SOLDDevelopment Site

Jeffrey Fernbach Acquires Development Site In Plainfield For $2,627,000

110 West 6th Street & 120 West 6th Street

$2,627,000

Building Size

Asset Type

Development Site

Closing

Jan 10, 2024

AI

An extensive development site located at 110-120 West 6th Street in Plainfield, NJ has been sold in a recent closed transaction. The property, covering 0.76 acres, presents an appealing opportunity for construction as it is approved for the development of 71 apartment units. The surrounding area will experience a revitalization as this development marks the first newly constructed apartment building in the immediate location. The sale price for this development site was $2,627,000.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $2,627,000
  • Buildable Apartment Units: 71
  • Market: Plainfield, NJ

The team at Berkadia, comprised of Nat Gambuzza, Trevor Fiebel, and Nick Balancia, exclusively represented the seller and successfully procured the buyer, Jeffrey Fernbach, a regional developer. It is noteworthy that this project represents the buyer's first venture in the City of Plainfield. The Berkadia team attracted strong demand for the offering, resulting in multiple bids from both local and regional firms. This closing signifies the team's third successful sale of a development project in Plainfield in recent years. These projects have collectively included the sale of 500 units, alongside various dispositions of stabilized apartment communities.

Players

Nat Gambuzza

Berkadia

Broker

$917.5M

vol

74 deals

Broker

Plainfield Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

6.04%

Cash-on-Cash

-1.73%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93