Updated Oct 29, 2024
Regional Bank Provides $26.3M Construction Loan For 115-Unit Multifamily Property In Montgomery
1377 US Route 206, Skillman, New Jersey 08558, United States
$26,300,000
Units
114
Asset Type
MultiFamily
Closing
Sep 11, 2022
About this deal
AI
The property involved in this closed transaction is a multifamily asset located at 1377 US Highway 206 in Montgomery. The property spans across 4.5 acres and consists of 115 units.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $26,300,000
- Address: 1377 US Highway 206, Montgomery
- Market: Montgomery
- Units: 115
- Acres: 4.5
The loan for this transaction was provided by Regional Bank. The loan type is a construction loan with a three-year, floating-rate term. The borrower in this transaction is Country Classics, who will serve as the landlord upon completion of the construction. Representing the borrower in this deal are brokers Matthew Pizzolato, Jim Cadranell, and Ryan Carroll from JLL Capital Markets.
On the Map
$26,300,000
MultiFamily
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Players
Skillman 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
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93