Updated Oct 28, 2024
Summit Associates Inc Secures $14.35M Loan For Industrial Properties In Edison, NJ
45 Fernwood Avenue, Edison, NJ, USA
$14,350,000
$33/SF
Building Size
430,000 SF
Asset Type
Industrial
Closing
Sep 14, 2021
About this deal
AI
An industrial property located at 45 Fernwood Avenue, 110 Newfield Avenue, and 450 Raritan Center Parkway in Edison, NJ has been involved in a recent transaction. The property spans approximately 430,000 square feet and falls under the asset type of industrial.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $14,350,000
- Date: 09/14/2021
- Market: Edison, NJ
The landlord of this industrial property is Summit Associates Inc. The deal was facilitated by brokers Michael Klein and Max Custer of JLL Capital Markets.
The transaction involved a fixed-rate loan of $14,350,000. The loan terms range from 10 to 12 years and were obtained through a correspondence with a life insurance company.
Players
Edison 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
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93