Affinity Federal Credit Union Refinances $8.7M Loan For Mixed-Use Property In Newark, NJ
FINANCED
$8,700,000
New Jersey
See Similar DealsMixed-use
Financed 06/23/2021
FINANCED
Affinity Federal Credit Union Refinances $8.7M Loan For Mixed-Use Property In Newark, NJ
87-95 Halsey Street, Newark, NJ, USA
See Similar DealsMixed-use
Financed 06/23/2021
Summary
NEW JERSEY
Asset Type:Mixed-use
Transaction Type:Loan
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.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,700,000.00
Monthly NOI$58,000.00
Monthly Debt Service$54,989.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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