Updated Oct 29, 2024
Modway Inc. Acquires Industrial Property In Highstown, NJ For $49.5M Loan
329 Wyckoff Mills Road, Hightstown
$49,500,000
$78/SF
Building Size
634,495 SF
Asset Type
Industrial
Closing
Mar 23, 2021
About this deal
AI
The industrial property located at 329 Wyckoff Mills Road in Highstown, NJ, has recently undergone a closed transaction. The property spans over 634,495 square feet and is owned by Modway Inc.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $49,500,000
- Loan Terms: A 10-year loan was structured for the property with interest-only financing for the entire term. The loan was priced at 3.46 percent with an 80 percent loan-to-cost ratio.
- Landlord: Modway Inc.
- Brokers: Dev Morris, Allison Villamagna & Andrew Stewart - Cronheim Mortgage
The deal was facilitated by Dev Morris, Allison Villamagna, and Andrew Stewart of Cronheim Mortgage, representing Modway Inc. The loan amount obtained for the transaction was $49,500,000 with favorable terms. The 10-year loan offers interest-only financing for the entire term and was priced at 3.46 percent with an 80 percent loan-to-cost ratio.
Players
Hightstown 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93