Herring Properties Secures $14.5M Loan For Industrial Property In Ewing
FINANCED
$14,500,000
New Jersey
See Similar DealsIndustrial130,000 SF
Financed 08/15/2022
FINANCED
Herring Properties Secures $14.5M Loan For Industrial Property In Ewing
400 Airport Corporate Dr, Ewing, NJ 08628
See Similar DealsIndustrial130,000 SF
Financed 08/15/2022
Summary
NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$111
Total Square Footage:130,000 SF
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,500,000.00
Monthly NOI$96,666.67
Monthly Debt Service$91,649.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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