Cronheim Mortgage Secures $124.1M Refinance Loan For Grove Pointe Apartments In Jersey City
100 Christopher Columbus Drive
$124,100,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 20, 2023
AI
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.
Players
Jersey City 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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93