Kearny Bank Provides $8.3M Refinance Loan For Mixed-Use Property In Jersey City
233-237 Newark Avenue
$8,300,000
$332/SF
Building Size
25,000 SF
Asset Type
Mixed-use
Closing
Sep 9, 2022
AI
The property involved in this transaction is a mixed-use asset located at 233-237 Newark Avenue in Jersey City, NJ, with a total square footage of 25,000. A loan amount of $8,300,000.00 was secured for refinancing purposes.
Summary of transation details:
- Property Type: Mixed-use
- Transaction Amount: $8,300,000.00
- Lender: Kearny Bank
- Broker: Jake Lapidot - Cooper-Horowitz
- Loan Type: Refinance
The transaction was facilitated by broker Jake Lapidot, who represents Cooper-Horowitz in this deal. The lender for the financing was Kearny Bank, indicating their role in providing the necessary funds for the refinancing of the property.
Jersey 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
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93