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Cronheim Mortgage Secures $124.1M Refinance Loan For Grove Pointe Apartments In Jersey City
FINANCED
$124,100,000
New Jersey
See Similar DealsMultiFamily
Financed 10/20/2023
FINANCED
Cronheim Mortgage Secures $124.1M Refinance Loan For Grove Pointe Apartments In Jersey City
100 Christopher Columbus Drive
See Similar DealsMultiFamily
Financed 10/20/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
Cronheim Mortgage has secured a $124.1 million loan to refinance the Grove Pointe Apartments situated at 100 Christopher Columbus Drive in Jersey City. This multifamily property comprises 458 units and is located in the bustling market of Jersey City.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $124,100,000
- Address: 100 Christopher Columbus Drive, Jersey City
- Market: Jersey City
- Units: 458
Allison Villamagna, Andrew Stewart, and Dev Morris from Cronheim Mortgage played a pivotal role in arranging the refinancing deal for the Grove Pointe Apartments. The loan secured through their effort will provide funds for capital improvements at the property, contributing to its overall enhancement.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$124,100,000.00
Monthly NOI$827,333.33
Monthly Debt Service$784,396.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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