Updated Dec 4, 2024
JLL Brokers Arrange $33M Construction Loan For East Hanover Industrial Property
11 Mount Pleasant Avenue, East Hanover, New Jersey 07936, United States
$33,000,000
$105/SF
Building Size
314,413 SF
Asset Type
Industrial
Closing
Oct 16, 2022
About this deal
AI
An industrial property located at 11 Mt. Pleasant Ave in East Hanover has recently undergone a closed transaction. The property spans a total area of 314,413 square feet and falls under the industrial asset category.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $33,000,000
- Address: 11 Mt. Pleasant Ave
- Market: East Hanover
- Asset Type: Industrial
- Square Footage: 314,413
The loan for this transaction was provided by Hartford Investment Management Co. The lender extended a construction loan amounting to $33,000,000. The loan terms include a four-year period with a floating interest rate.
The property's landlord is Bridge Industrial LLC. The brokers involved in the deal were Michael Klein, Jon Mikula, and Ryan Carroll from JLL.
On the Map
$33,000,000
$105/SF
Industrial
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Players
East Hanover Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93