Updated Sep 5, 2024
Columbia Bank Provides $2.9M Acquisition Loan For Ocean Industrial Property
1703 Valley Rd Ocean Township, NJ 07712, USA
$2,925,000
$162/SF
Building Size
18,000 SF
Asset Type
Industrial
Closing
May 17, 2023
About this deal
AI
An acquisition loan was recently provided by Columbia Bank for the purchase of an industrial property located at 1703 Valley Road in the Ocean market. The property spans an area of 18,000 square feet and is owned by Adam Greenfield & Elan Rofe.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $2,925,000
- Lender: Columbia Bank
- Landlord: Adam Greenfield & Elan Rofe
- Broker: Abe Mann - Mann Capital
The loan provided by Columbia Bank has a value of $2,925,000. It is structured as an acquisition loan and comes with the following terms: a loan-to-value (LTV) ratio of 75%, a 10-year term, and a 30-year amortization schedule.
Players
New Jersey 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
5.42%
Cash-on-Cash
-1.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93