Updated Oct 28, 2024
Morgan Stanley Provides $44M Loan To Allendale Industrial Portfolio
40 Boroline Road, 90 Boroline Road, 25 Commerce Drive, 50 Commerce Drive, 80 Commerce Drive & 110 Commerce Drive
$44,000,000
$18/SF
Building Size
389,225 SF
Asset Type
Industrial
Closing
Jul 28, 2022
About this deal
AI
A portfolio of six industrial buildings located at 40 Boroline Road, 90 Boroline Road, 25 Commerce Drive, 50 Commerce Drive, 80 Commerce Drive, and 110 Commerce Drive in Allendale, NJ has been refinanced. The buildings have a total square footage of 389,225 and are owned by Allendale Corporate Center LLC.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $44,000,000
- Market: Allendale, NJ
Morgan Stanley provided the refinancing loan for the portfolio. The loan amount is $44,000,000, with a 10-year fixed rate term. The loan-to-value (LTV) ratio is 63% and the payments are interest-only for the full term.
Emil DePasquale from Black Bear Capital Partners represented the borrower in the transaction.
Players
Allendale 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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93