Simmons Bank Provides $25M Construction Loan For South Plainfield Industrial Property
FINANCED
$25,000,000
New Jersey
See Similar DealsIndustrial189,059 SF
Financed 07/18/2022
FINANCED
Simmons Bank Provides $25M Construction Loan For South Plainfield Industrial Property
602 New Market Avenue, South Plainfield, New Jersey 07080, United States
See Similar DealsIndustrial189,059 SF
Financed 07/18/2022
Summary
NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$132
Total Square Footage:189,059 SF
Transaction Type:Loan
The industrial property located at 602 New Market Ave in South Plainfield has been involved in a closed transaction. The property spans an impressive 189,059 square feet and sits on approximately 20.7 acres.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $25,000,000
- Loan Type: Construction Loan
- Loan Terms: three-year, floating-rate
In this transaction, Simmons Bank provided a construction loan of $25,000,000 for the property. The loan comes with a three-year duration and a floating interest rate. The landlord involved in the deal is Bridge Industrial. The brokers responsible for representing the parties in this transaction are Jon Mikula, Michael Klein, and Michael Lachs, all from JLL Capital Markets.
Players
BROKERAGE
BROKERAGE
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,000,000.00
Monthly NOI$166,666.67
Monthly Debt Service$158,017.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
Is there something missing? Send suggestions