Updated Oct 28, 2024
Hall Structured Finance Provides $45.5M Bridge Loan For Montclair Hotel At 690 Bloomfield Ave
690 Bloomfield Avenue, Montclair, New Jersey 07042, United States
$45,500,000
Building Size
—
Asset Type
Hotel
Closing
Jul 19, 2022
About this deal
AI
690 Bloomfield Avenue in Montclair has been sold in a closed transaction. The property is a hotel with 159 keys and was purchased by The Hampshire Companies and The Pinnacle Companies.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $45,500,000
- Address: 690 Bloomfield Avenue
- Market: Montclair
The loan for this transaction was provided by Hall Structured Finance, with Donald Braun being the representative. The loan type is a bridge loan.
BayBridge Real Estate Capital represented both the buyer and seller in this deal. The brokers involved were Jay Miller, AJ Felberbaum, and Spencer Miller.
Players
Montclair Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93