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JMC Management Group Refinances Multifamily Property In Toms River, NJ For $7M With Lakeland Bank

Property Image
FINANCED
$7,000,000
Caillin Boles
Kathy Anderson
JC

New Jersey

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MultiFamily145,055 SF
Financed 03/26/2021
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Property Image
FINANCED

JMC Management Group Refinances Multifamily Property In Toms River, NJ For $7M With Lakeland Bank

15 Cox Cro Rd, Toms River, NJ 08755, USA

See Similar Deals
MultiFamily145,055 SF
Financed 03/26/2021
Caillin Boles
Kathy Anderson
JC
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$48
Total Square Footage:145,055 SF
Transaction Type:Loan

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

Kathy Anderson
Cushman & Wakefield
Kathy Anderson
55 deals$922.6M volume(732) 720-6301
BROKER
Caillin Boles
Cushman & Wakefield
Caillin Boles
44 deals$520.3M volume(732) 720-6308
BROKER
Lakeland Bank
Lakeland Bank
LENDER
JC
Jerald Cernero
3 deals$17.5M volume
LANDLORD
JC
Jerald Cernero
3 deals$17.5M volume
LANDLORD
JC
Jerald Cernero
3 deals$17.5M volume
LANDLORD

Details

FINANCED
IMAGE: Jerald Cernero, Kathy Anderson & Caillin Boles DATE: 03/26/2021 ADDRESS: 15 Cox Cro Road MARKET: Toms River, NJ ASSET TYPE: Multifamily LOAN TYPE: Refinance LENDER: Lakeland Bank LANDLORD: Jerald Cernero - JMC Management Group BROKERS: Kathy Anderson (@Money.Girl.Kathy) & Caillin Boles (@Cboles21) - Progress Capital (@Progress.Capital) LOAN AMOUNT: $7,000,000 LOAN TERMS: 24 month construction loan with a permanent conversion option

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,000,000.00

Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00