Updated Oct 28, 2024
Novus Equities Refinances Multifamily & Mixed-Use Buildings In Hudson & Passaic Counties For $11.7M
Hudson County, New Jersey, United States
$11,700,000
Building Size
—
Asset Type
Mixed-use
Closing
Jan 11, 2022
About this deal
AI
Novus Equities, represented by Steven Hess and Leslie Seale, recently refinanced a portfolio of multifamily and mixed-use buildings in Hudson and Passaic Counties. The transaction involved 100 residential units and 6 commercial units.
Summary of transaction details
- Property Type: Multifamily & Mixed-Use Buildings
- Transaction Amount: $11,700,000
- Market: Hudson & Passaic Counties
Kathy Anderson and Caillin Boles, from Progress Capital, acted as the brokers for Novus Equities in this refinancing deal. The loan amount secured was $11,700,000 with a fixed interest rate of 3.25% for 7 years. The loan terms included being non-recourse and a prepay schedule of 3-3-2-1-1-1-0.
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
1.36%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93