Updated Oct 29, 2024
JMC Management Group Refinances Multifamily Property In Toms River, NJ For $7M With Lakeland Bank
15 Cox Cro Rd, Toms River, NJ 08755, USA
$7,000,000
$48/SF
Building Size
145,055 SF
Asset Type
MultiFamily
Closing
Mar 25, 2021
About this deal
AI
Jerald Cernero, Kathy Anderson, and Caillin Boles were involved in a loan transaction for a multifamily property located at 15 Cox Cro Road in Toms River, NJ. The deal took place on March 26, 2021. The loan, provided by Lakeland Bank, was a refinance.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,000,000
- Address: 15 Cox Cro Road, Toms River, NJ
- Market: Toms River, NJ
Jerald Cernero, the landlord represented by JMC Management Group, sought the loan for the property. Kathy Anderson and Caillin Boles from Progress Capital served as the brokers in the deal. The loan terms included a 24-month construction loan with a permanent conversion option.
Players
Toms River 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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93