The PRC Group Secures $68.5 Million Loan For CityLine East And West Multifamily In Jersey City
15 Carbon Place & 33 University Place Boulevard
$68,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Jan 21, 2025
AI
The transaction involves refinancing for two apartment complexes located at 15 Carbon Place and 33 University Place Boulevard in Jersey City. The properties comprise a total of 342 multifamily units and have secured a refinancing amount of $68,500,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $68,500,000
- Landlord: Robert Kaye - The PRC Group
- Brokers: John Banas & Kris Wood - NorthMarq
- Loan Type: Refinance
- Market: Jersey City
NorthMarq played a key role in arranging the refinancing for CityLine East and West, which includes both senior and mezzanine loans for the properties. The fixed interest rates are part of the financial package provided on behalf of the borrower, The PRC Group.
Players
Jersey City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93