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
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.
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