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Citi Real Estate Funding Provides $75 Million Loan For Daibes Sons LLC's 376-Unit Metropolitan Apartments
FINANCED
$75,000,000
New Jersey
See Similar DealsMultiFamily
Financed 10/28/2024
FINANCED
Citi Real Estate Funding Provides $75 Million Loan For Daibes Sons LLC's 376-Unit Metropolitan Apartments
190 River Road
See Similar DealsMultiFamily
Financed 10/28/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
The property involved in the transaction is the 376-unit Metropolitan Apartments located at 190 River Road in Edgewater, NJ. The asset type is multifamily, which currently has an occupancy rate of 93.4%. It benefits from a tax abatement that extends through 2047 and includes affordable housing requirements.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $75,000,000
- Lender: Citi Real Estate Funding
- Landlord: Joseph Daibes - Daibes Sons LLC
- Loan Terms: five-year, interest-only
- Previous Loan: $68 million Freddie Mac loan
Key individuals and companies involved in the deal include Citi Real Estate Funding, which issued the loan, and the landlord, Joseph Daibes, who represents Daibes Sons LLC in this transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$75,000,000.00
Monthly NOI$500,000.00
Monthly Debt Service$474,051.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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