Updated Oct 28, 2024
NVE Bank Provides $1.5M Refinance Loan For Retail/Office Property In Scotch Plains, NJ
2285 South Avenue, Scotch Plains, NJ 07076
$1,500,000
$146/SF
Building Size
10,220 SF
Asset Type
Mixed-use
Closing
May 10, 2021
About this deal
AI
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].
On the Map
$1,500,000
$146/SF
Mixed-use
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Players
Scotch Plains 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
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93