Kevin Costello Secures $2.5M Refinance Loan For Montclair Multifamily Property
157 159 Forest Street & 59 Chestnut Street
$2,500,000
$50/SF
Building Size
50,000 SF
Asset Type
MultiFamily
Closing
Feb 28, 2025
AI
The property involved in this transaction is located at 157-159 Forest Street & 59 Chestnut Street in Montclair. This multifamily asset spans a total of 25,000 square feet and is associated with a loan amount of $2,500,000, specifically for refinancing purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,500,000
- Address: 157-159 Forest Street & 59 Chestnut Street
- Market: Montclair
- Landlord: Kevin Costello
- Broker: Daniel Kowalsky - HKS Real Estate Advisors
- Loan Type: Refinance
Key individuals involved in this transaction include landlord Kevin Costello and broker Daniel Kowalsky, representing HKS Real Estate Advisors, who facilitated the refinancing process for the property at hand.
Montclair MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93