Updated May 12, 2025
Lakeland Bank Provides $7.6M Refinance Loan For Industrial Property In Kearny, NJ
76-104 3rd Avenue, Kearny, NJ, USA
$7,600,000
$79/SF
Building Size
95,650 SF
Asset Type
Industrial
Closing
Aug 30, 2021
About this deal
AI
The property asset involved in this transaction is an industrial facility located at 76-104 Third Avenue in Kearny, NJ. The total square footage of the property is 95,650, and the loan amount secured for this asset is $7,600,000 through a refinance agreement.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $7,600,000
- Address: 76-104 Third Avenue
- Market: Kearny, NJ
- Lender: Lakeland Bank
- Broker: Kathy Anderson - Progress Capital
- Loan Type: Refinance
- Square Footage: 95,650
Key individuals involved in this transaction include Kathy Anderson, who is the broker representing the deal through Progress Capital. The lender for this transaction is Lakeland Bank, facilitating the refinance of the industrial asset.
Players
Kearny 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
2.09%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93