Updated May 12, 2025
Lakeland Bank Provides $7.5M Loan For Mixed-Use Property In Union City, NJ
1700 Bergenline Avenue, Union City, NJ 07087, USA
$7,500,000
$33,482/SF
Building Size
224 SF
Asset Type
Mixed-use
Closing
Apr 15, 2021
About this deal
AI
The asset involved in this transaction is a mixed-use property located at 1700 Bergenline Avenue, Union City, NJ. The loan amount secured for this property is $7,500,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $7,500,000
- Lender: Lakeland Bank
- Landlord: Judy Sciarra - JR City Properties @jrcityproperties
- Brokers: Kathy Anderson @money.girl.kathy & Caillin Boles @cboles21 - Progress Capital @progress.capital
- Date of transaction: 04/16/2021
This transaction involved key individuals including Judy Sciarra representing the landlord and brokers Kathy Anderson and Caillin Boles. Both brokers are affiliated with Progress Capital, facilitating the loan process for the mixed-use asset.
Players
Union 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
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93