Menashe Davidovitz Secures $2.6M Construction Loan For Multifamily Property In Orange & Newark
FINANCED
$2,640,003
New Jersey
See Similar DealsMultiFamily14,600 SF
Financed 06/01/2023
FINANCED
Menashe Davidovitz Secures $2.6M Construction Loan For Multifamily Property In Orange & Newark
153 Pierson St City of Orange, NJ 07050, USA
See Similar DealsMultiFamily14,600 SF
Financed 06/01/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$180
Total Square Footage:14,600 SF
Transaction Type:Loan
The closed property transaction involved a multifamily asset located at 153 Pierson Street & 148 Palm Street in Orange and Newark. The property comprises 21 units with a total square footage of 14,600. The landlord in this transaction was Menashe Davidovitz.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,640,003
- Loan Type: Construction Loan
- Loan Terms: 80% of Purchase and 100% of Renovation
The lender for this transaction was Castling Capital. Menashe Davidovitz represented the landlord in this deal.
For all your bridge and perm financing solutions, you can reach out to Castling Capital at [email protected] or apply directly at their website: https://castlingcapital.com/apply/.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,640,003.00
Monthly NOI$17,600.02
Monthly Debt Service$16,686.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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