Spencer Savings Bank Provides $5.23M Construction Loan For Mixed-Use Property In Jersey City
170-174 Monticello Avenue
$5,230,000
$246/SF
Building Size
21,179 SF
Asset Type
Mixed-use
Closing
Sep 22, 2023
AI
A mixed-use commercial property located at 170-174 Monticello Avenue in Jersey City, NJ, has recently secured a construction loan worth $5,230,000. The property spans 21,179 square feet and is owned by Zvi & Barry Septimus. The loan was provided by Spencer Savings Bank, and the transaction was facilitated by Brian Anderson and Eddie Miro of Progress Capital.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $5,230,000
- Address: 170-174 Monticello Avenue, Jersey City, NJ
- Market: Jersey City, NJ
- Square Footage: 21,179
- Lender: Spencer Savings Bank
- Landlord: Zvi & Barry Septimus
- Brokers: Brian Anderson & Eddie Miro - Progress Capital
- Loan Type: Construction
Brian Anderson and Eddie Miro of Progress Capital played a crucial role as brokers in securing the construction loan for the mixed-use property at 170-174 Monticello Avenue. The loan provided by Spencer Savings Bank will facilitate the development or renovation of the property to meet the specific needs of the project.
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
3.03%
Cash-on-Cash
-0.87%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93