Updated Oct 28, 2024
Principal Financial Provides $16.2M Long-Term Fixed Rate Loan For Mixed-Use Property In Princeton, NJ
25 Spring Street, Newton, NJ 07860
$16,200,000
$175/SF
Building Size
92,359 SF
Asset Type
Mixed-use
Closing
Jun 22, 2020
About this deal
AI
Located in Princeton, NJ, the mixed-use property at 25 & 55 Spring St recently closed on a transaction. This property, spanning 92,359 square feet, consists of 76 units and offers a variety of uses.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $16,200,000
- Market: Princeton, NJ
The financing for this transaction was provided by Principal Financial, who arranged a long-term fixed-rate loan. With skillful negotiation, they were able to secure a 15-year term at a rate below 3 percent. Gary Cohen from NorthMarq acted as the broker in this deal, representing the parties involved.
While this transaction does not disclose additional specific information, it showcases the successful completion of a loan for the mixed-use property at 25 & 55 Spring St in Princeton, NJ.
Players
Newton 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
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93