Spencer Savings Bank Provides $14M Loan For South Orange Multifamily Property
FINANCED
$14,000,000
New Jersey
See Similar DealsMultiFamily1,300 SF
Financed 11/04/2020
FINANCED
Spencer Savings Bank Provides $14M Loan For South Orange Multifamily Property
10 N Ridgewood Rd, South Orange, NJ 07079, USA
See Similar DealsMultiFamily1,300 SF
Financed 11/04/2020
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$10,769
Total Square Footage:1,300 SF
Transaction Type:Loan
Located in South Orange, the property at 10 N. Ridgewood Road is a multifamily asset consisting of 66 units. The transaction involved a loan amount of $14,000,000 provided by Spencer Savings Bank, with Dana Berlin representing the lender. The property is owned by 10 North Ridgewood Road LLC. The sale of the property was facilitated by brokers Donna Falzarano and James Gunning from CBRE.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,000,000
- Address: 10 N. Ridgewood Road
- Market: South Orange
- Lender: Spencer Savings Bank – Dana Berlin
- Landlord: 10 North Ridgewood Road LLC
- Brokers: Donna Falzarano & James Gunning – CBRE
The key individuals and companies involved in the deal include Dana Berlin representing Spencer Savings Bank as the lender, and Donna Falzarano and James Gunning from CBRE as the brokers. They played crucial roles in facilitating the transaction, ensuring a successful outcome for all parties involved.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,000,000.00
Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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