Updated Dec 19, 2023
Connect One Bank Provides $1.38M Loan For Red Bank Mixed-Use Property Acquisition
31-33 West Front Street, Red Bank, NJ, USA
$1,380,000
$197/SF
Building Size
6,998 SF
Asset Type
Mixed-use
Closing
Feb 25, 2021
About this deal
AI
This mixed-use property at 31-33 West Front Street in Red Bank, NJ was recently acquired through a loan. The property is located in a historic restaurant row, making it a valuable asset in the market. The loan was provided by Connect One Bank for the acquisition of the property.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,380,000
- Date: 02/26/2021
- Market: Red Bank
- Loan Type: Acquisition
- Lender: Connect One Bank
- Landlord: Christopher Battaglia and Mirsad Hodzic
- Brokers: Russell Nova and Alexander Nemirovskiy from Cornerstone Capital
Russell Nova and Alexander Nemirovskiy, representing Cornerstone Capital, played a crucial role in securing financing during these unprecedented times. Despite the property having a vacancy, they were able to convince the lender for maximum financing. Cornerstone Capital provided a 5-year fixed loan with a 3.75% interest rate and 30-year amortization. Contact Russell Nova at 917-559-1820 or Alexander Nemirovskiy at 347-751-5232 for more information.
Players
Red Bank 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
11.49%
Cash-on-Cash
-3.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93