M&T Bank Provides $78M Construction Loan For 291-Unit Multifamily In South Amboy
FINANCED
$78,000,000
New Jersey
See Similar DealsMultiFamily
Financed 08/25/2022
FINANCED
M&T Bank Provides $78M Construction Loan For 291-Unit Multifamily In South Amboy
1000 Schindler Dr, South Amboy, New Jersey 08879, United States
See Similar DealsMultiFamily
Financed 08/25/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
An multifamily asset located at 1000 Schindler Dr in South Amboy has been involved in a recent closed transaction. The property consists of 291 units and is owned by BNE Real Estate Group.
Summary of transaction details
- Property Type: Multifamily
- Transaction Date: 08/25/2022
- Address: 1000 Schindler Dr
- Market: South Amboy
The loan for this transaction was provided by M&T Bank, with Shawn Field as the representative. The loan amount was $78,000,000 and it was classified as a construction loan. The terms of the loan included an interest-only period at a very attractive fixed interest rate.
The brokers involved in this deal were John Taylor and Donna Falzarano, representing M&T Realty Capital Corporation.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$78,000,000.00
Monthly NOI$520,000.00
Monthly Debt Service$493,013.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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