Updated Oct 29, 2024
Pearlmark Provides $10M Refinance Loan For 267-Unit Vinty Apartments In Elizabeth, NJ
100 Union Street Elizabeth, New Jersey 07202, USA
$10,000,000
Units
267
Asset Type
MultiFamily
Closing
Jun 2, 2023
About this deal
AI
Pearlmark has provided a $10 million loan to refinance the 267-unit Vinty Apartments in Elizabeth, NJ. The property, owned by LeCesse Development Corp. and MAS Development Group, is currently 85% occupied with retail space that is 68% leased.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Address: 100 Union Street, Elizabeth, NJ
- Market: Elizabeth
- Units: 267
JLL Capital Markets arranged the financing for the loan, supporting the ownership venture of LeCesse Development Corp. and MAS Development Group in managing the property.
On the Map
$10,000,000
MultiFamily
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Players
New Jersey 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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93