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
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.
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