Max Benjamin Partners Secures $12M Bridge Loan For Boonton Multifamily
128 Monroe Street
Summary
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.
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