Blake Schreck's Schreck Development Secures $700K Cash-Out Refinance Loan For Multifamily Property In Montclair, NJ

The multifamily property located at 147 Forest St. in Montclair, NJ has undergone a recent loan transaction. The loan, provided by Ice Capital Group, has a value of $700,000. The terms of the loan include a 30-year duration, cash-out refinance, 75% loan-to-value (LTV) ratio, and a debt service coverage ratio (DSCR) of 1.1.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $700,000
• Lender: Ice Capital Group (@IceCapGroup)

The landlord involved in this transaction is Blake Schreck, representing Schreck Development. Blake Schreck is a well-known figure in the industry, and his involvement in this deal further highlights his expertise in real estate development. Schreck Development, the landlord, will now benefit from the cash-out refinance provided by the loan, allowing for potential reinvestment in their multifamily property at 147 Forest St.