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

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FINANCED
$700,000

New Jersey

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MultiFamily
Financed 04/08/2021
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FINANCED

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

147 Forest Street

See Similar Deals
MultiFamily
Financed 04/08/2021
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Ice Cap Group
Ice Cap Group
LENDER

Details

FINANCED
IMAGE: Blake Schreck DATE: 04/08/2021 ADDRESS: 147 Forest St. MARKET: Montclair, NJ ASSET TYPE: Multifamily LENDER: Ice Capital Group @IceCapGroup LANDLORD: Blake Schreck - Schreck Development @Schreck_Development @B_Schreck LOAN AMOUNT: $700,000 LOAN TERMS: 30-years, Cash-Out Refinance, 75%LTV, 1.1 DSCR

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$700,000.00

Monthly NOI$4,666.67
Monthly Debt Service$4,424.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00