Updated Oct 28, 2024
PGIM Real Estate Provides $87.1M Loan For Mixed-Use Property In Montclair
34 Valley Road, Montclair, New Jersey 07042, United States
$87,100,000
$2,423/SF
Building Size
35,941 SF
Asset Type
Mixed-use
Closing
Jun 20, 2022
About this deal
AI
The mixed-use property located at 34 Valley Rd in Montclair has recently been involved in a closed transaction. The property comprises 258 units and is owned by LCOR, Inc. and Madison International Realty.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $87,100,000
- Date: 06/21/2022
- Address: 34 Valley Rd
- Market: Montclair
- Units: 258
The lender for this transaction was PGIM Real Estate, represented by Justin Levitt. The loan obtained for the property amounted to $87,100,000 and has a seven-year, floating-rate term. JLL, represented by Jim Cadranell, Jon Mikula, and Michael Lachs, acted as the brokers in the deal.
Players
Montclair 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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93