Prime City Acquires Multifamily Property In Long Branch, NJ With Manasquan Bank Construction Loan
FINANCED
$7,500,000
New Jersey
See Similar DealsMultiFamily17,392 SF
Financed 03/16/2023
FINANCED
Prime City Acquires Multifamily Property In Long Branch, NJ With Manasquan Bank Construction Loan
20 3rd Avenue
See Similar DealsMultiFamily17,392 SF
Financed 03/16/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$431
Total Square Footage:17,392 SF
Transaction Type:Loan
A construction loan has been secured for a multifamily property located at 20 3rd Avenue in Long Branch, NJ. The property comprises 31 units and spans across 17,392 square feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,500,000
- Address: 20 3rd Avenue, Long Branch, NJ
- Market: Long Branch, NJ
- Lender: Manasquan Bank
- Developer: Mike Reichel, Alex McGee & Dan Silverman - Prime City
- Loan Type: Construction Loan
The construction loan was provided by Manasquan Bank, enabling the development of the multifamily property. The project is led by Mike Reichel, Alex McGee, and Dan Silverman from Prime City.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,500,000.00
Monthly NOI$50,000.00
Monthly Debt Service$47,405.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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