Principal Financial Provides $16.2M Loan For Mixed-Use Property In Princeton
FINANCED
$16,200,000
New Jersey
See Similar DealsMixed-use78,385 SF
Financed 04/30/2021
FINANCED
Principal Financial Provides $16.2M Loan For Mixed-Use Property In Princeton
25 Spring Street, Princeton, NJ, USA
See Similar DealsMixed-use78,385 SF
Financed 04/30/2021
Summary
NEW JERSEY
Asset Type:Mixed-use
Price Per Square Foot:$206
Total Square Footage:78,385 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,200,000.00
Monthly NOI$108,000.00
Monthly Debt Service$102,395.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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