Updated Oct 28, 2024
Herring Properties Secures $14.5M Loan For Industrial Property In Ewing
400 Airport Corporate Dr, Ewing, NJ 08628
$14,500,000
$111/SF
Building Size
130,000 SF
Asset Type
Industrial
Closing
Aug 14, 2022
About this deal
AI
A non-recourse loan in the amount of $14,500,000 was secured for the industrial property located at 400 Airport Corporate Drive in Ewing. The property spans 130,000 square feet and sits on 22.6 acres of land. The loan terms are set at 11 years with a fixed interest rate.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $14,500,000
- Address: 400 Airport Corporate Drive, Ewing
- Market: Ewing
- Square Footage: 130,000
- Acres: 22.6
The lender for this transaction is nationwide-''>Nationwide Life Insurance Co. The landlord of the property is Herring Properties. The brokers involved in the deal are Michael Klein and Max Custer from JLL Capital Markets.
Players
Jackson 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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93