Updated Mar 11, 2025
Menashe Davidovitz Secures $2.6M Construction Loan For Multifamily Property In Orange & Newark
153 Pierson St City of Orange, NJ 07050, USA
$2,640,003
$180/SF
Building Size
14,600 SF
Asset Type
MultiFamily
Closing
Jun 1, 2023
About this deal
AI
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/.
Players
New Jersey 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
6.01%
Cash-on-Cash
-1.72%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93