An open transaction has taken place in Jersey City, NJ, involving a mixed-use property located at 85 Williams Avenue, 18 Reed Street, and 680-686 Bergen Avenue. The property is characterized by its versatility in accommodating various types of businesses and residential units.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $6,400,000
• Loan Type: Perm Mortgage
• Loan Terms: 10-year term (5+5)/30-year amortization, 4.95% rate, Non-Recourse

Acting as the lender, New York Community Bank provided a loan of $6,400,000 to support this transaction. The loan was secured with a permanent mortgage that carries a 10-year term and a 30-year amortization schedule. The interest rate for this loan is set at 4.95%. It's worth noting that this loan agreement is non-recourse, meaning the lender does not have recourse to seize additional assets of the borrower beyond the collateralized property.

The sponsors of this transaction are O Sponsors, represented by Steve Papas. Serving as the brokers in this deal, Matt Buggenhagen and Jason Labriola from the Meridian Capital Group played a crucial role in orchestrating the transaction between the parties involved.

The loan provided by New York Community Bank will enable the successful completion of this mixed-use property transaction in Jersey City, NJ, paving the way for ongoing development, growth, and prosperity in the area.