Investors Bank Provides $11.5M Loan For Multifamily Property In Summit
123-127 Summit Avenue, Summit, New Jersey 07901, United States
$11,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 6, 2022
AI
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
Summit 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
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93