Updated Oct 28, 2024
Affinity Federal Credit Union Refinances $8.7M Loan For Mixed-Use Property In Newark, NJ
87-95 Halsey Street, Newark, NJ, USA
$8,700,000
Building Size
—
Asset Type
Mixed-use
Closing
Jun 22, 2021
About this deal
AI
Located at 87-95 Halsey Street in Newark, NJ, this mixed-use property has recently undergone a refinancing transaction. The loan, provided by Affinity Federal Credit Union, amounted to $8,700,000. The terms of the loan include a 75% loan-to-value ratio, a 30-year amortization period, and no prepayment penalties.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $8,700,000
- Address: 87-95 Halsey Street, Newark, NJ
- Market: Newark, NJ
- Lender: Affinity Federal Credit Union
- Landlord: Thafer Hanini, Samer Hanini - Hanini Group
- Brokers: Brad Domenico - Progress Capital, Gabby Cali - Progress Capital
- Loan Terms: 75% LTV, 30-Year Amortization, No Prepayment
The refinancing deal was facilitated by Brad Domenico and Gabby Cali of Progress Capital. Thafer Hanini and Samer Hanini of Hanini Group are the landlords of the property.
On the Map
$8,700,000
Mixed-use
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Players
Newark 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
1.82%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93