Cornerstone Capital Of NY Secures $10.45M Loan For Newark Industrial Property

A 79,783 square foot industrial warehouse located at 377 East Peddie Street in Newark, New Jersey was recently involved in a closed property transaction. The property, owned by landlord Peter Kleymont, is situated in the heart of Newark's market. With an acquisition loan amount of $10,450,000, the transaction was secured by The Cornerstone Group of NY. The loan terms included a 90% loan-to-value ratio, a 3.55% interest rate, and a 25-year term. The majority of the warehouse will be used for owner-user purposes, while the remaining space will be utilized for flex space.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $10,450,000
• Address: 377 East Peddie Street, Newark, NJ
• Market: Newark
• Square Footage: 79,783

The financing on behalf of the sponsorship was handled by Russell Nova, Alexander Nemirovsky, and Igor Zakh of The Cornerstone Group of NY. They worked directly with the lender to ensure that all requests were met in a timely manner. For any inquiries, Russell Nova, Principal, can be reached at 917-559-1820 or [email protected]. As for Igor Zakh, COO, he can be contacted at 917-567-1646 or [email protected]. Alexander Nemirovskiy is also available at 347-751-5232 or [email protected].