facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New Jersey

/

Mixed Use

/

Loan

/

6 Depot Square, Montclair, ...

Lakeland Bank Provides $1.22M Construction Loan For Mixed-Use Property In Montclair, NJ
FINANCEDMixed-use

Lakeland Bank Provides $1.22M Construction Loan For Mixed-Use Property In Montclair, NJ

6 Depot Square, Montclair, NJ 07042, USA

$1,225,000

$206/SF

Building Size

5,931 SF

Asset Type

Mixed-use

Closing

May 3, 2021

AI

A construction loan in the amount of $1,225,000 was provided by Lakeland Bank for the mixed-use property located at 6 Depot Square in Montclair, NJ. The loan was granted to Samer Hanini of Hanini Group. The transaction was facilitated by brokers Frank Stanislaski and John Libretti of Progress Capital.

Summary of transaction details

The loan provided by Lakeland Bank represents a significant investment in the development of the mixed-use property at 6 Depot Square. Samer Hanini, representing Hanini Group, is the landlord for this project. The deal was successfully negotiated with the assistance of Frank Stanislaski and John Libretti, brokers from Progress Capital.

Players

Frank Stanislaski

Cushman & Wakefield

Broker

$1B

vol

59 deals

Broker
Lakeland Bank
Lakeland BankLender

Montclair Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

12.95%

Cash-on-Cash

-3.70%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93