Updated Mar 11, 2025
Bank Leumi Provides $30M Loan For Mixed-Use Development In Jersey City
136 Summit Avenue, Jersey City, NJ, USA
$30,000,000
$187/SF
Building Size
159,861 SF
Asset Type
Mixed-use
Closing
Feb 7, 2021
About this deal
AI
The development of a mixed-use building at 136 Summit Avenue in Bergen Hill, Jersey City, NJ has secured a $30,000,000 construction loan from Bank Leumi. The project will consist of 99 apartments, 2,240 square feet of retail space, and a parking garage with a capacity for 75 vehicles. Once completed, this will be the largest development south of Montgomery Street in Jersey City and the largest in Bergen Hill.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $30,000,000
- Market: Bergen Hill, Jersey City, NJ
Brad Domenico from Progress Capital represented the borrower in securing the loan from Bank Leumi for the development project at 136 Summit Avenue.
Players
Jersey City Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93