Updated Oct 28, 2024
Morgan Stanley Real Estate Provides $28.5M Refinance Loan For Jersey City Multifamily Property
2 Ash Street, Jersey City, New Jersey 07304, United States
$28,500,000
Units
93
Asset Type
MultiFamily
Closing
Apr 9, 2022
About this deal
AI
The multifamily property located at 2 Ash St in Jersey City has been involved in a recent loan transaction. The property consists of 93 units and is owned by Columbia Property Trust. The loan, which was for the purpose of refinancing, was provided by Morgan Stanley Real Estate for an amount of $28,500,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,500,000
- Address: 2 Ash St
- Market: Jersey City
- Units: 93
The deal was brokered by JLL Capital Markets, with Jon Mikula and Gerard Quinn representing the buyer and seller. They facilitated the refinancing process between Columbia Property Trust and Morgan Stanley Real Estate.
Players
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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93