Vitali Feldman Of Rock Solid Builders Secures $29.5 Million Construction Loan From Kearny Bank For 85 Unit Multifamily At 116 Harrison Street
FINANCED
$29,500,000
New Jersey
See Similar DealsMultiFamily
Financed 06/20/2025
FINANCED
Vitali Feldman Of Rock Solid Builders Secures $29.5 Million Construction Loan From Kearny Bank For 85 Unit Multifamily At 116 Harrison Street
116 Harrison Street
See Similar DealsMultiFamily
Financed 06/20/2025
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
The property asset involved in this transaction is a multifamily building located at 116 Harrison Street in Nutley, comprising 85 units. The transaction involved a construction loan of $29,500,000, with a loan term of 2.5 years, facilitating the development and enhancement of the property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $29,500,000
- Loan Type: Construction
- Loan Terms: 2.5 years
- Lender: Kearny Bank
- Landlord: Vitali Feldman - Rock Solid Builders
- Address: 116 Harrison Street
- Market: Nutley
- Units: 85
- Brokers: Thomas E. Didio, Jr, Gerard Quinn & Michael Mataras - JLL
The key individuals involved in this transaction include landlord Vitali Feldman, representing Rock Solid Builders, and brokers Thomas E. Didio, Jr, Gerard Quinn, and Michael Mataras from JLL, who facilitated the loan arrangement with Kearny Bank.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$29,500,000.00
Monthly NOI$196,666.67
Monthly Debt Service$186,460.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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