Ocean First Bank Provides $36M Refinance Loan For Passaic, NJ Mixed-Use Property
217 Brook Avenue, Passaic, New Jersey 07055, United States
$36,000,000
$156/SF
Building Size
230,000 SF
Asset Type
Mixed-use
Closing
Oct 8, 2022
AI
Located at 217 Brook Avenue in Brook Haven Center, Passaic, NJ, is a mixed-use property spanning approximately 230,000 square feet. The property includes retail, office, and industrial spaces, as well as 400 parking spots. The transaction took place on October 9, 2022.
Summary of transation details
- Property Type: Mixed-Use
- Transaction Amount: $36,000,000
- Lender: Ocean First Bank
- Loan Type: Refinance
- Loan Terms: 230,000 Sq Ft Retail/Office/Industrial Complex, 400 Parking Spots
The loan for this property was provided by Ocean First Bank. The loan amount for the refinancing was $36,000,000. The brokers involved in the deal were Morris Diamant and David Liechtung from Meridian Capital Group. AnnMarie Sorena and Dan Harris represented the lender as well.
Players
Passaic 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
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93