Russo Development, Hampshire Management & Fourth Edition Inc. Acquire Multifamily Property In Hackensack For $60M Loan
FINANCED
$60,000,000
New Jersey
See Similar DealsMultiFamily219,107 SF
Financed 07/25/2022
FINANCED
Russo Development, Hampshire Management & Fourth Edition Inc. Acquire Multifamily Property In Hackensack For $60M Loan
160 River Street, Hackensack, New Jersey 07601, United States
See Similar DealsMultiFamily219,107 SF
Financed 07/25/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$273
Total Square Footage:219,107 SF
Transaction Type:Loan
The multifamily property located at 160 River Street in Hackensack has been involved in a recent closed transaction. The property, managed by Russo Development, Hampshire Management, and Fourth Edition Inc., spans across 20 acres and consists of 271 units. The deal was facilitated by brokers Gretchen Wilcox, David Fryer, and Al Raymond from G.S. Wilcox.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Loan Type: Permanent Loan
- Loan Terms: 10-year loan
The loan amount for this transaction was $60,000,000, secured through a permanent loan with a duration of 10 years. This loan will contribute to the continued operation and maintenance of the property at 160 River Street.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,000,000.00
Monthly NOI$400,000.00
Monthly Debt Service$379,240.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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