Investors Bank Provides $11.5M Loan For Multifamily Property In Summit
FINANCED
$11,500,000
New Jersey
See Similar DealsMultiFamily
Financed 04/07/2022
FINANCED
Investors Bank Provides $11.5M Loan For Multifamily Property In Summit
123-127 Summit Avenue, Summit, New Jersey 07901, United States
See Similar DealsMultiFamily
Financed 04/07/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 123-127 Summit Ave in Summit has been involved in a closed transaction. The property consists of 37 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $11,500,000
- Address: 123-127 Summit Ave
- Market: Summit
- Units: 37
The lender for this transaction was Investors Bank. The landlord of the property is New Darlington LLC. Jon Mikula, Jake Moore, and Salvatore Buzzerio from JLL served as brokers in this deal.
The loan amount for this transaction is $11,500,000. The loan terms include a 10-year fixed-rate loan with non-recourse.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,500,000.00
Monthly NOI$76,666.67
Monthly Debt Service$72,687.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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