Updated Sep 9, 2024
TriState Capital Bank Provides $8.35M Construction Loan For Multifamily Property In East Orange, NJ
10 South Grove Street
$8,350,000
$189,772/SF
Building Size
44 SF
Asset Type
MultiFamily
Closing
Oct 18, 2022
About this deal
AI
Located at 10 S. Grove Street in East Orange, NJ, this multifamily property spans a total of 44,089 square feet and consists of 48 units. The property, owned by Avi Gagin, was part of a recent closed transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,350,000
- Loan Type: Construction
The loan for this transaction was provided by TriState Capital Bank. Brad Domenico of Progress Capital represented the buyer in this deal.
The multifamily loan at 10 South Grove Street in East Orange, New Jersey financed for $8.4M in 2022. Reported inventory is 44 square feet across 48 units, or about 189.8K per square foot. Brad Domenico, Abraham Gagin, Progress Capital appear on the loan alongside Progress Capital. This page is the East Orange, New Jersey file for the 10 South Grove Street multifamily financed: pricing, party profiles, and other closed multifamily comps from the same East Orange sit in the Market section below. Filter that East Orange multifamily set by closing date to see what else financed near 10 South Grove Street around 2022. Published consideration for 10 South Grove Street is $8.4M, dated 2022. Cite this TriState Capital Bank Provides $8.35M Construction Loan For Multifamily Property In East Orange, NJ loan when underwriting similar multifamily product around East Orange, New Jersey.
Players
East Orange MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.90%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93