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70 Jackson Drive

Updated Sep 9, 2024

Cornerstone Capital Secures $8M Refinance Loan For Cranford, NJ Industrial Warehouse
FINANCEDIndustrial

Cornerstone Capital Secures $8M Refinance Loan For Cranford, NJ Industrial Warehouse

70 Jackson Drive

$8,000,000

$47/SF

Building Size

168,000 SF

Asset Type

Industrial

Closing

Jan 26, 2022

About this deal

AI

An industrial warehouse located at 70 Jackson Drive in Cranford, NJ has recently undergone a loan refinance transaction. The property, measuring approximately 168,000 square feet, serves as a valuable asset in the market.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $8,000,000
  • Address: 70 Jackson Drive, Cranford, NJ

Russell Nova and Sean Kuts from Cornerstone Capital were the brokers involved in this deal. They represented the landlord, Victor Tseng, in securing financing for the property from Builder Bank.

The loan agreement amounted to $8,000,000, featuring a 3.6% interest rate and a fixed term of 7 years. Additionally, the loan includes a 2-year period of interest-only payments. The transaction was requested after the client's rush purchase of the property, prompted by a 1031 Exchange. @Sean_Kuts worked closely with the sponsors to fulfill their requests in a timely manner. @CornerstoneCapitalofNY deserves recognition for successfully executing the transaction.

For more information, interested individuals can contact Nova, Principal at [email protected] or 917-559-1820 (cell), and Sean Kuts, Senior Relationship Manager, at [email protected] or 347-585-5212 (cell).

On the Map

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$8,000,000

$47/SF

Industrial

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Players

Russell Nova

Cornerstone Capital Financing

Broker

$511.5M

vol

78 deals

Broker

Cranford Industrial Market Snapshot

Boundary boundary · Industrial · Loan transactions

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Deal FAQ

About $47 per square foot on a published $8M for 168,000 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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