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Haven Savings Bank Provides $2.1M Loan For Mixed-Use Property In Summit, NJ

Property Image
FINANCED
$2,137,500

New Jersey

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Mixed-use8,225 SF
Financed 08/19/2020
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Property Image
FINANCED

Haven Savings Bank Provides $2.1M Loan For Mixed-Use Property In Summit, NJ

81-87 Summit Avenue, Summit, NJ, USA

See Similar Deals
Mixed-use8,225 SF
Financed 08/19/2020
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Summary

NEW JERSEY
Asset Type:Mixed-use
Price Per Square Foot:$259
Total Square Footage:8,225 SF
Transaction Type:Loan

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

Brian Anderson
40 deals$378.3M volume(732) 616-0908
BROKER

Eddie Miro
Cushman & Wakefield
36 deals$419.3M volume
BROKER

Haven Savings Bank
LENDER

Details

FINANCED
IMAGE: Brian Anderson & Eddie Miro DATE: 08/19/2021 ADDRESS: 81-87 Summit Avenue MARKET: Summit, NJ ASSET TYPE: Mixed-use LENDER: Haven Savings Bank LANDLORD: John Hou BROKERS: Brian Anderson & Eddie Miro (@Eddie_Miro) - Progress Capital (@Progress.Capital) LOAN AMOUNT: $2,137,500

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,137,500.00

Monthly NOI$14,250.00
Monthly Debt Service$13,510.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00