Procida Funding Provides $18.5M Payoff Loan For 122-Unit Multifamily Building In Jersey City, NJ
FINANCED
$18,500,000
New Jersey
See Similar DealsMultiFamily44,000 SF
Financed 06/15/2021
FINANCED
Procida Funding Provides $18.5M Payoff Loan For 122-Unit Multifamily Building In Jersey City, NJ
190 Academy Street, Jersey City, NJ, USA
See Similar DealsMultiFamily44,000 SF
Financed 06/15/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$420
Total Square Footage:44,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$18,500,000.00
Monthly NOI$123,333.33
Monthly Debt Service$116,932.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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