Updated Oct 29, 2024
Tidewater Real Estate Co. Secures $60M Loan For Multifamily Property In Hackensack
70 Prospect Ave, Hackensack, NJ, USA
$60,000,000
$511/SF
Building Size
117,394 SF
Asset Type
MultiFamily
Closing
Mar 1, 2021
About this deal
AI
The property involved in the transaction is a multifamily asset located at 170 Prospect Ave. in Hackensack. The transaction took place on 03/02/2021, and the property is owned by Tidewater Real Estate Co. The asset consists of 267 units and is valued at $60,000,000. The loan for the transaction was provided by John Hancock, with a 30-year self-liquidating loan term.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Date: 03/02/2021
- Address: 170 Prospect Ave.
- Market: Hackensack
- Loan Terms: 30-year self-liquidating loan
- Units: 267
- Lender: John Hancock
- Landlord: Tidewater Real Estate Co.
- Brokers: Gregory Nalbandian & Michael Lachs - JLL Capital Markets
The deal was facilitated by brokers Gregory Nalbandian and Michael Lachs from JLL Capital Markets, representing the involved parties in the transaction.
Players
Hackensack 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
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93