Principal Financial Provides $16.2M Loan For Mixed-Use Property In Princeton
25 Spring Street, Princeton, NJ, USA
$16,200,000
$206/SF
Building Size
78,385 SF
Asset Type
Mixed-use
Closing
Apr 29, 2021
AI
25 Spring Street and 55 Witherspoon Street, located in Princeton, were recently involved in a closed transaction. These mixed-use properties attracted attention in the market.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Date: 04/30/2021
- Loan Amount: $16,200,000
- Units: 81
The lender in this transaction was Principal Financial, represented by Daniel Joseph Houston. The landlords involved were Nassau HKT Associates and the Borough of Princeton. The brokerage firm NorthMarq, with broker Gary Cohen, facilitated the deal.
Players
Princeton 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