Laub Realty Acquires Multifamily Property In Summit, NJ For $4.1M With Morgan Stanley Loan

The multifamily property located at 150, 152, 154, 156, & 158 Broad Street in Summit, NJ, was involved in a closed transaction. The property spans across 12,830 Net Rentable Square Feet (NRSF) and consists of five townhomes with a total of ten units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,100,000
• Address: 150, 152, 154, 156, & 158 Broad Street, Summit, NJ
• Market: Summit, NJ
• Loan Type: Acquisition

The loan for this transaction was provided by Morgan Stanley. Laub Realty acted as the landlord in the deal. The brokerage services were represented by Brandon Harris from BlackBear Capital Partners.

The loan amount for the transaction was $4,100,000. The financing was structured as a 10-year non-recourse loan with full-term interest only payments at a fixed rate of 3.51%. The loan was utilized for the acquisition of the five townhomes, totaling ten units, spanning 12,830 NRSF.