Cornerstone Capital Of NY Secures $2.2M Refinance Loan For Jersey City Multifamily

A multifamily property located at 137 Kensington Street in Jersey City was recently involved in a loan transaction. The property consists of 31 units and has a total square footage of 27,500. The loan, valued at $2,200,000, was used for refinancing purposes. The loan terms include a fixed interest rate of 3.375% over a 10-year period, with a 30-year amortization schedule. It is a non-recourse loan that allows for a full cash-out.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,200,000
• Units: 31
• Square Footage: 27,500
• Address: 137 Kensington Street, Jersey City

The lender in this transaction was Waterman Capital Bank. The landlord, Julia Grant, secured the financing on this property through Cornerstone Capital of NY. The brokers involved in the deal were Alexander Nemirovskiy and Russell Nova from Cornerstone Capital of NY. They handled the transaction on behalf of the client, ensuring low rates and long-term growth.

Russell Nova, Principal of The Cornerstone Group of NY, emphasized their strong relationships with over 85+ banks, allowing them to provide competitive rates and terms to their clients. For further inquiries, Russell can be contacted at 917-559-1820 or via email at [email protected]. Alexander Nemirovsky, Senior Credit Manager, can be reached at 347-751-5232 or by email at [email protected]. More information can be found on their website www.CSG-NY.com.