Updated Oct 28, 2024
Procida Funding Provides $18.5M Payoff Loan For 122-Unit Multifamily Building In Jersey City, NJ
190 Academy Street, Jersey City, NJ, USA
$18,500,000
$420/SF
Building Size
44,000 SF
Asset Type
MultiFamily
Closing
Jun 14, 2021
About this deal
AI
A loan payoff transaction took place on June 15, 2021, involving a multifamily property located at 190 Academy Street in Jersey City, NJ. The property is a 122-unit micro apartment building.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $18,500,000
- Loan Type: Payoff
- Market: Jersey City, NJ
- Lender: Procida Funding and their representatives Brian Foley, Derek Weissman, and Omar Khan
- Landlord: Strategic Properties and KSNY Development
- Loan Terms: Construction
- Units: 122
The loan payoff transaction was facilitated by Procida Funding, represented by Brian Foley, Derek Weissman, and Omar Khan. The property is owned by Strategic Properties and KSNY Development. The loan amount for the transaction was $18,500,000 with construction loan terms.
On the Map
$18,500,000
$420/SF
MultiFamily
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Jersey City 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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93