West Of Hudson Properties Secures $17.68M Construction Loan For Mixed-Use Property In Plainfield, NJ
FINANCED
$17,680,000
New Jersey
See Similar DealsMixed-use
Financed 12/09/2021
FINANCED
West Of Hudson Properties Secures $17.68M Construction Loan For Mixed-Use Property In Plainfield, NJ
803 South Avenue
See Similar DealsMixed-use
Financed 12/09/2021
Summary
NEW JERSEY
Asset Type:Mixed-use
Transaction Type:Loan
A mixed-use property located at 803 South Avenue in Plainfield, NJ has recently undergone a closed transaction. The property consists of 105 units, including 104 residential units and 1 commercial unit.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $17,680,000
- Address: 803 South Avenue, Plainfield, NJ
- Market: Plainfield, NJ
- Units: 105 (104 Residential Units & 1 Commercial Unit)
The loan for this transaction, totaling $17,680,000, was provided by Michael Hoffenberg from Trevian Capital. The construction loan was secured by the property's owners, Eyal Gagin and Abraham Gagin from West of Hudson Properties.
The brokers involved in this deal were Brad Domenico and Eddie Miro from Progress Capital, representing the parties in the transaction.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,680,000.00
Monthly NOI$117,866.67
Monthly Debt Service$111,749.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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