Updated Oct 28, 2024
The Hampshire Cos. Secures $28.5M Construction Loan For 85-Unit Multifamily Property In Morristown
175 Morris Street, Morristown, New Jersey 07960, United States
$28,480,000
Units
85
Asset Type
MultiFamily
Closing
Apr 4, 2022
About this deal
AI
The Hampshire Cos. has secured a construction loan for a multifamily property in Morristown. The property, located at 175 Morris St, consists of 85 units. The loan, amounting to $28,480,000, has a three-year fixed-rate term.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $28,480,000
- Address: 175 Morris St
- Market: Morristown
- Units: 85
The deal was facilitated by Michael Klein and Jon Mikula from JLL Capital Markets, who represented The Hampshire Cos.
The multifamily loan at 175 Morris Street, Morristown, New Jersey 07960, United States in Morristown, New Jersey financed for $28.5M in 2022. Reported inventory is 85 units across 85 units. Jon Mikula, Michael Klein, JLL appear on the loan alongside JLL. This page is the Morristown, New Jersey file for the 175 Morris Street, Morristown, New Jersey 07960, United States multifamily financed: pricing, party profiles, and other closed multifamily comps from the same Morristown sit in the Market section below. Filter that Morristown multifamily set by closing date to see what else financed near 175 Morris Street, Morristown, New Jersey 07960, United States around 2022. Published consideration for 175 Morris Street, Morristown, New Jersey 07960, United States is $28.5M, dated 2022. Cite this The Hampshire Cos. Secures $28.5M Construction Loan For 85-Unit Multifamily Property In Morristown loan when underwriting similar multifamily product around Morristown, New Jersey.
On the Map
$28,480,000
MultiFamily
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Players
Morristown 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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93