Updated Mar 4, 2025
Prime City Acquires Multifamily Property In Long Branch, NJ With Manasquan Bank Construction Loan
20 3rd Avenue
$7,500,000
$431/SF
Building Size
17,392 SF
Asset Type
MultiFamily
Closing
Mar 16, 2023
About this deal
AI
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.
On the Map
$7,500,000
$431/SF
MultiFamily
View full map
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse New Jersey multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93