Updated Dec 21, 2023
Walker & Dunlop Arranges $85.4M Bridge Loan For Jersey City Multifamily Property
15 Carbon Place, Jersey City, New Jersey 07305, United States
$85,400,000
Units
342
Asset Type
MultiFamily
Closing
Sep 19, 2022
About this deal
AI
The multifamily property located at 15 Carbon Place and 33 University Place Blvd in Jersey City has recently undergone a closed transaction. The property consists of 342 units and is situated in a vibrant market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $85,400,000
- Loan Type: Bridge Loan
- Loan Terms: Two-year, fixed rate, non-recourse
Walker & Dunlop represented the parties involved in the transaction, including John Banas, Kris Wood, Christopher Philipps, John Wilson, Rhett Saltiel, and Erik DiGirolamo.
The loan secured for this transaction amounts to $85,400,000. It is a bridge loan with a two-year term, fixed rate, and non-recourse terms.
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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93