Updated Feb 16, 2024
Haven Savings Bank Provides $2.1M Loan For Mixed-Use Property In Summit, NJ
81-87 Summit Avenue, Summit, NJ, USA
$2,137,500
$259/SF
Building Size
8,225 SF
Asset Type
Mixed-use
Closing
Aug 19, 2020
About this deal
AI
An $2,137,500 loan was secured for a mixed-use property located at 81-87 Summit Avenue in Summit, NJ. The loan was provided by Haven Savings Bank. The property's landlord is John Hou. The transaction was facilitated by brokers Brian Anderson and Eddie Miro from Progress Capital.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $2,137,500
- Address: 81-87 Summit Avenue, Summit, NJ
- Lender: Haven Savings Bank
- Landlord: John Hou
- Brokers: Brian Anderson & Eddie Miro - Progress Capital
The loan amount of $2,137,500 will assist in the financing of the mixed-use property at 81-87 Summit Avenue. Haven Savings Bank, the lender, will provide the necessary funds for the transaction. John Hou is the landlord of the property. Brian Anderson and Eddie Miro, representing Progress Capital, played a key role in facilitating the deal as brokers.
Players
Summit 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
7.42%
Cash-on-Cash
-2.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93