Updated Feb 16, 2024
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
$1,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Aug 27, 2021
About this deal
AI
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
West Orange 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
8.81%
Cash-on-Cash
-2.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93