Updated Oct 28, 2024
Columbia Bank Provides $5.3M Refinance Loan For Industrial Property In East Hanover, NJ
44 Deforest Avenue
$5,325,000
$140/SF
Building Size
37,999 SF
Asset Type
Industrial
Closing
Sep 19, 2022
About this deal
AI
A loan of $5,325,000 was recently secured for the property located at 44 Deforest Ave in East Hanover, NJ. The property is an industrial asset with a size of 37,999 square feet. The loan was obtained from Columbia Bank to refinance the property.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $5,325,000
Kathy Anderson and Caillin Boles of Progress Capital represented the buyer as brokers in this deal. The landlord of the property is Commerce Park Investors, represented by Roy Pascal.
Players
East Hanover 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
2.98%
Cash-on-Cash
-0.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93