Updated Feb 5, 2025
Progress Capital Secures $14M Construction Loan For Self-Storage Facility In Boonton, NJ
Boonton, New Jersey, United States
$14,000,000
$137/SF
Building Size
102,022 SF
Asset Type
Industrial
Closing
Jul 11, 2022
About this deal
AI
An industrial property located in Boonton, NJ with a square footage of 102,022 has undergone a closed transaction. The deal involved a construction loan from Columbia Bank amounting to $14,000,000. The loan was secured for the purpose of building a 740-unit self-storage facility.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $14,000,000
- Market: Boonton, NJ
- Asset Type: Industrial
- Square Footage: 102,022
- Lender: Columbia Bank
- Brokers: Kathy Anderson & Caillin Boles - Progress Capital
- Loan Type: Construction
Kathy Anderson and Caillin Boles from Progress Capital served as the brokers in this deal, representing the involved parties. This transaction marks the development of a 740-unit self-storage facility in Boonton, NJ, supported by a construction loan provided by Columbia Bank.
Players
Boonton 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93