City National Bank Provides $14.5M Refinance Loan To The STRO Companies For Industrial Asset In Wyckoff
500 West Main Street
$14,500,000
$126/SF
Building Size
115,084 SF
Asset Type
Industrial
Closing
Apr 29, 2025
AI
The property asset involved in the transaction is an industrial space located at 500 West Main Street in Wyckoff. The total square footage of the asset is 115,084, and it is financed through a refinance loan amounting to $14,500,000. The lending institution for this transaction is City National Bank.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $14,500,000
- Lender: City National Bank
- Landlord: Albert Fitch & Steven Millstein - The STRO Companies
- Landlord's Representative: Michael Klein, Max Custer & Christian Badalamenti - JLL
The deal involves significant individuals such as Albert Fitch and Steven Millstein representing The STRO Companies as landlords. The landlord's representation for this transaction is handled by brokers Michael Klein, Max Custer, and Christian Badalamenti from JLL, highlighting the collaborative efforts in securing the refinancing for this industrial property.
Players
Wyckoff 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