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
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.
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