Updated Feb 16, 2024
Valley National Bank Provides $10.1M Construction Loan For Mixed-Use Property On Storms Avenue, Jersey City
99 Storms Avenue, Jersey City, NJ 07306, USA
$10,100,000
Units
51
Asset Type
Mixed-use
Closing
Nov 4, 2021
About this deal
AI
Located at 99 Storms Avenue in Jersey City, NJ, this mixed-use property with 51 units recently underwent a closed transaction. The property consists of 50 residential units and one ground-level retail space.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $10,100,000
- Address: 99 Storms Avenue, Jersey City, NJ
- Market: Jersey City, NJ
- Units: 51
The loan for this transaction was provided by Valley National Bank. The loan amount was $10,100,000, and it was specifically for construction purposes. Shai Benhamou served as the landlord in this deal.
Progress Capital represented both parties in this transaction. Brad Domenico and Frank Stanislaski, brokers from Progress Capital, facilitated the deal.
Players
Jersey City 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
1.57%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93