Spencer Savings Bank Provides $2.4M Refinance Loan For Mixed-Use Property In Jersey City

A mixed-use property located at 197-199 Monticello Ave, 201-203 Monticello Ave, and 80 Jewett Avenue in McGinley Square, Jersey City, was recently involved in a closed transaction. The property consists of commercial and residential spaces, offering a diverse range of uses.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Date: January 22, 2021
• Address: 197-199 Monticello Ave, 201-203 Monticello Ave, and 80 Jewett Avenue
• Market: McGinley Square, Jersey City

The loan for this transaction was provided by Spencer Savings Bank. The landlords involved in the deal are Dave Denis and Eliot Rubin.

Brokers Brian Anderson and Eddie Miro from @Progress.Capital represented the parties in the transaction.

The loan amount for the refinance was $2,400,000, with terms of 3.5% fixed for 5 years. The loan-to-value ratio (LTV) was 70%, and the amortization period was set at 30 years.

If you have any commercial real estate financing needs, you can contact Brian Anderson at 732-616-0908 or [email protected], as well as Eddie Miro at 732-853-4947 or [email protected].