Updated Dec 4, 2024
Norkez Properties Secures $32M Construction Loan For Jersey City Multifamily
143 Christopher Columbus Drive
$32,000,000
Units
60
Asset Type
MultiFamily
Closing
Oct 18, 2023
About this deal
AI
A construction loan in the amount of $32,000,000 has been secured by Norkez Properties for a multifamily property located at 143 Christopher Columbus Drive in Jersey City. The property consists of 60 units and is situated in the Jersey City market.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $32,000,000
- Address: 143 Christopher Columbus Drive
- Market: Jersey City
- Number of Units: 60
The lender for this loan is BHI, while Daniel Cohen and Tal Savariego from Meridian Capital Group acted as the brokers representing Norkez Properties in the deal.
On the Map
$32,000,000
MultiFamily
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Players
Jersey City 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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93