Updated Mar 11, 2025
Haven Savings Bank Provides $2.5M Refinance Loan For Jersey City Multifamily Property
2005 JFK Blvd, Jersey City, NJ, USA
$2,500,000
$166/SF
Building Size
15,048 SF
Asset Type
MultiFamily
Closing
Feb 25, 2021
About this deal
AI
The recent transaction involved a multifamily property located at 2005 JFK Blvd in Jersey City. The property was refinanced with a loan from Haven Savings Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,500,000
- Loan Type: Refinance
- Loan Terms: 3.5% Fixed for 3 Years, 2-Years I/O, 75% LTV, 30-Year Amortization
The loan was arranged by Brian Anderson from Progress Capital, representing the borrower. The loan terms include a fixed interest rate of 3.5% for three years, with two years of interest-only payments. The loan amount represents 75% of the property's loan-to-value (LTV) ratio. The loan will be amortized over a 30-year period.
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
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93