CBRE Secures $35.5 Million Loan For 158-Unit Mixed-Use Property In Belleville

The Essex, a mixed-use property, comprises 158 units and is located at 78-102 Washington Avenue in Belleville. The property has been financed with a loan amounting to $35,500,000, structured as a seven-year loan with four years of interest-only payments at an interest rate of 4.92%.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $35,500,000
• Loan Terms: 7 year loan with 4 years interest only
• Address: 78-102 Washington Avenue
• Market: Belleville
• Units: 158
• Brokers: Judah Hammer, Jeff Feldman & Jack Hayes - CBRE

Judah Hammer, Jeff Feldman, and Jack Hayes from CBRE arranged the permanent financing through the Freddie Mac Lease-Up Program, providing the borrower with additional leverage options upon stabilization of the property.