Preferred Bank Provides $13 Million Construction Loan For Industrial Asset In Somerset NJ
FINANCED
$13,000,000
New Jersey
See Similar DealsIndustrial74,800 SF
Financed 02/25/2025
FINANCED
Preferred Bank Provides $13 Million Construction Loan For Industrial Asset In Somerset NJ
31 Schoolhouse Road
See Similar DealsIndustrial74,800 SF
Financed 02/25/2025
Summary
NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$173
Total Square Footage:74,800 SF
Transaction Type:Loan
The property involved in this transaction is an industrial asset located at 31 Schoolhouse Road, Somerset, NJ. It encompasses a total square footage of 74,800. The transaction secured a construction loan amounting to $13,000,000 from Preferred Bank.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $13,000,000
- Lender: Preferred Bank
- Brokers: Brad Domenico & Frank Stanislaski - Cushman & Wakefield
- Transaction Date: 02/25/2025
Brad Domenico and Frank Stanislaski are the brokers representing the deal for Cushman & Wakefield, facilitating the loan process with Preferred Bank for the industrial property in Somerset.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$13,000,000.00
Monthly NOI$86,666.67
Monthly Debt Service$82,168.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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