The property involved in the transaction is a multifamily building located at 128 Monroe Street in Boonton, NJ. The loan amount secured for this property is $12,165,000. The loan is of the bridge type, with a term of 24 months. The loan-to-value ratio is 50% and the interest rate is set at SOFR +400%. Additionally, the loan has a non-recourse guaranty.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $12,165,000
• Market: Boonton, NJ
• Brokers: Max B. Mellman & Jason Moyal

Max B. Mellman and Jason Moyal served as the representatives in the transaction for the property. They were able to secure the $12M loan to lease up the building and bridge it to permanent financing. By the time of loan closing in early August, the property had achieved a lease-up rate of over 50%. The high quality of the product, lease-up velocity, and the brokers' relationship with the lender allowed them to negotiate a non-rate capped loan with flexible minimum interest and prepayment penalties.