Updated Oct 28, 2024
Peapack Gladstone Provides $16M Refinance Loan For Mixed-Use Property In North Bergen, NJ
6701 Kennedy Blvd, North Bergen, NJ, 07047
$16,000,000
Units
54
Asset Type
Mixed-use
Closing
Dec 15, 2021
About this deal
AI
The mixed-use property located at 6701 Kennedy Blvd in North Bergen, NJ has undergone a refinancing transaction. The property consists of 54 units, including 51 residential units and 3 commercial units.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $16,000,000
- Loan Type: Refinance
- Loan Terms: The property was refinanced on a 10-year term with a fixed rate of 3.15%.
Peapack Gladstone provided the loan for this transaction. Echevarria Industries is the landlord of the property. The transaction was facilitated by Emil DePasquale from BlackBearCapitalPartners.
On the Map
$16,000,000
Mixed-use
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Players
North Bergen 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93