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Ironstate Development Lands $90.5M Loan For Hoboken Multifamily

Property Image
FINANCED
$90,500,000
Max Custer
Thomas E. Didio, Jr

New Jersey

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MultiFamily
Financed 01/22/2021
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Property Image
FINANCED

Ironstate Development Lands $90.5M Loan For Hoboken Multifamily

1201 Hudson Street, Hoboken, NJ, USA

See Similar Deals
MultiFamily
Financed 01/22/2021
Max Custer
Thomas E. Didio, Jr
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

A $90,500,000 loan has been secured for a multifamily property in Hoboken. The property, located at 1201 Hudson Street and 1 Independence Court, is owned by Ironstate Development. The loan terms include a 10-year fixed-rate and supplemental loan.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $90,500,000
  • Market: Hoboken
  • Address: 1201 Hudson Street & 1 Independence Court

The loan was facilitated by brokers Thomas Didio Jr. and Max Custer from JLL. They represented Ironstate Development in the deal.

Players

Thomas E. Didio, Jr
JLL
Thomas E. Didio, Jr
43 deals$2.9B volume
BROKER
Max Custer
JLL
Max Custer
36 deals$790M volume
BROKER
ID
Ironstate Development
LANDLORD

Details

FINANCED
IMAGE: Thomas Didio Jr. & Max Custer DATE: 01/22/2021 ADDRESS: 1201 Hudson Street & 1 Independence Court MARKET: Hoboken ASSET TYPE: Multifamily LANDLORD: Ironstate Development BROKERS: Thomas Didio Jr. & Max Custer - JLL LOAN AMOUNT: $90,500,000 LOAN TERMS: 10-year, fixed-rate & supplemental loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$90,500,000.00

Monthly NOI$603,333.33
Monthly Debt Service$572,021.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00