Khosla Capital Acquires 252-Unit Multifamily Property In Englewood, NJ For $81.9M Loan

The multifamily property located at 100 Sterling Boulevard in Englewood, NJ has been involved in a recent transaction. The property consists of 252 units and has been acquired through an acquisition loan.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $81,900,000
• Address: 100 Sterling Boulevard
• Market: Englewood, NJ
• Lender: New York Community Bank (NYCB) and Harbor Group International (HGI)
• Landlord: Khosla Capital - Raman Khosla and DKJ Equity
• Seller: The S.Hekemian Group
• Brokers: Zev Karpel and Judah Hammer - Meridian Capital Group
• Loan Type: Acquisition
• Loan Terms: 10-year debt package was extended to the borrowers at an 83 percent loan-to-cost ratio

Zev Karpel and Judah Hammer from Meridian Capital Group represented the buyers in this transaction. The sellers, The S.Hekemian Group, successfully closed the deal with the help of the lending institutions, New York Community Bank and Harbor Group International. The loan amount of $81,900,000 was secured with a loan-to-cost ratio of 83 percent.