M&T Bank Provides $78M Construction Loan For 291-Unit Multifamily In South Amboy
1000 Schindler Dr, South Amboy, New Jersey 08879, United States
$78,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Aug 24, 2022
AI
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.
Players
South Amboy MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93