Updated Dec 4, 2024
Ion Bank Provides $5.75M Refinance Loan For Industrial Property In Ocean Township, NJ
909 Kings Highway
$5,750,000
$295/SF
Building Size
19,432 SF
Asset Type
Industrial
Closing
Dec 21, 2023
About this deal
AI
The industrial property located at 909 Route 35 in Ocean Township, NJ has undergone a refinancing transaction. The property spans over an area of 19,432 square feet.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $5,750,000
- Lender: Ion Bank
- Landlord: Frances Rediker
- Brokers: Steven Sperandio, Michael Fasano & Jake Weiss - Ripco
- Loan Type: Refinance
The refinancing deal was facilitated by Steven Sperandio, Michael Fasano, and Jake Weiss from Ripco. Their expertise in the industry played a crucial role in successfully completing the transaction.
On the Map
$5,750,000
$295/SF
Industrial
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Players
Asbury Park 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
2.76%
Cash-on-Cash
-0.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93