Updated Dec 4, 2024
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
About this deal
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.
On the Map
$5,230,000
$246/SF
Mixed-use
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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