NVE Bank Provides $1.5M Refinance Loan For Retail/Office Property In Scotch Plains, NJ
FINANCED
$1,500,000
New Jersey
See Similar DealsMixed-use10,220 SF
Financed 05/11/2021
FINANCED
NVE Bank Provides $1.5M Refinance Loan For Retail/Office Property In Scotch Plains, NJ
2285 South Avenue, Scotch Plains, NJ 07076
See Similar DealsMixed-use10,220 SF
Financed 05/11/2021
Summary
NEW JERSEY
Asset Type:Mixed-use
Price Per Square Foot:$146
Total Square Footage:10,220 SF
Transaction Type:Loan
Roy Pascal, through his company 2285 South Investors, LLC, has refinanced the property located at 2285 South Avenue in Scotch Plains, NJ. The asset is a retail/office space.
Summary of transaction details:
- Property Type: Retail/Office
- Transaction Amount: $1,500,000
- Loan Type: Refinance
- Lender: NVE Bank
- Broker: Caillin Boles representing Progress Capital
NVE Bank provided a loan of $1,500,000 to Roy Pascal for refinancing the property. The loan terms include a fixed interest rate of 3% for 5 years, with a 25-year amortization schedule. For further information regarding commercial real estate financing needs, interested parties can contact Caillin Boles at 732-539-6920 or [email protected].
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$1,500,000.00
Monthly NOI$10,000.00
Monthly Debt Service$9,481.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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