Updated Oct 28, 2024
Signature Bank Provides $7.9M Refinance Loan For Mixed-use Property In Newark, NJ
36-40 Clinton Street, Newark, NJ, USA
$7,900,000
$250/SF
Building Size
31,570 SF
Asset Type
Mixed-use
Closing
Sep 26, 2020
About this deal
AI
Located at 36-40 Clinton Street in Newark, NJ, this mixed-use property was involved in a recent transaction. The property features a diverse range of uses, combining residential and commercial spaces. Its prime location in Newark's market adds to its appeal.
Summary of transaction details
- Property Type: Mixed-use
- Address: 36-40 Clinton Street
- Market: Newark, NJ
- Lender: Signature Bank
- Broker: Brad Domenico - Progress Capital
- Loan Amount: $7,900,000
- Loan Type: Refinance
In this transaction, Signature Bank provided a refinancing loan of $7,900,000 for the property at 36-40 Clinton Street. The loan allowed the property's owner to secure favorable terms and potentially streamline their financial obligations. Brad Domenico of Progress Capital represented the parties involved in this deal.
Players
Newark 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
2.01%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93