CBRE Closes $35.52M Acquisition Loan For Multifamily Property In Belleville

The property asset involved is a multifamily building located at 102 Washington Avenue in the Belleville market, comprising a total of 158 units. The transaction involved an acquisition loan funding amounting to $35,519,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $35,519,000
• Loan Type: Acquisition
• Loan Terms: 7-Year Term, 4-Years Interest Only, 4.92% Rate
• Loan-to-Value Ratio: 64%
• Lender: Jack Hayes, Jeff Feldman, Judah Hammer, Shamir Seidman, Shlomo Weissberg & Zach Hazen - CBRE - Freddie Mac Lease Up

The lenders, representing CBRE, facilitated the financing, allowing the sponsors to close on the property while it is in the leasing process at proforma figures. The loan agreement includes a provision for a "borrow up" program, which enables the sponsors to secure additional funds after 12 months of ownership.