First Commerce Bank Refinances $1.8M Loan For Maurice Cox's 5-Property Multifamily Portfolio In West Orange & East Orange, NJ
FINANCED
$1,800,000
New Jersey
See Similar DealsMultiFamily
Financed 08/27/2021
FINANCED
First Commerce Bank Refinances $1.8M Loan For Maurice Cox's 5-Property Multifamily Portfolio In West Orange & East Orange, NJ
105 Main Street, West Orange, NJ, USA
See Similar DealsMultiFamily
Financed 08/27/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
A multifamily portfolio consisting of 5 properties located at 105 Main Street, 11 Glennon Place, 7 Prospect Terrace, 11 Carleton Street, and 489 Park Ave in West Orange and East Orange, NJ, has undergone a refinancing transaction. The landlord of this portfolio is Maurice Cox.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,800,000
First Commerce Bank provided the loan for this refinancing deal. The loan amount was $1,800,000. Brian Anderson & Eddie Miro from Progress Capital represented the parties involved in the transaction as brokers.
This refinancing deal involves a multifamily portfolio owned by Maurice Cox. The loan, provided by First Commerce Bank, has allowed for the refinancing of this 5-property portfolio, which includes properties located in West Orange and East Orange, NJ.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$1,800,000.00
Monthly NOI$12,000.00
Monthly Debt Service$11,377.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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