Tulfra Real Estate Secures $34.8M Construction Loan For Multifamily Property In Rochelle Park
120 West Passaic Street, Rochelle Park, New Jersey 07662, United States
$34,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Aug 12, 2022
AI
Located at 120 W. Passaic St in Rochelle Park, this multifamily property consists of 160 units. The transaction took place on December 8, 2022, and was facilitated by Michael Klein and Jon Mikula from JLL Capital Markets. The deal was between Tulfra Real Estate, represented by Sonny Jumani, and the lender Provident Bank, represented by Robert McKee. The loan provided by Provident Bank amounted to $34,800,000 and was a construction loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $34,800,000
- Address: 120 W. Passaic St, Rochelle Park
- Market: Rochelle Park
- Units: 160
- Lender: Provident Bank - Robert McKee
- Landlord: Tulfra Real Estate - Sonny Jumani
- Brokers: Michael Klein & Jon Mikula - JLL Capital Markets
The transaction involved the collaboration of Tulfra Real Estate, a real estate company represented by Sonny Jumani, and Provident Bank, which provided the construction loan. Michael Klein and Jon Mikula from JLL Capital Markets acted as brokers in the deal.
Players
Rochelle Park 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
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93