Haven Savings Bank Provides $2.5M Refinance Loan For Jersey City Multifamily Property
FINANCED
$2,500,000
New Jersey
See Similar DealsMultiFamily15,048 SF
Financed 02/26/2021
FINANCED
Haven Savings Bank Provides $2.5M Refinance Loan For Jersey City Multifamily Property
2005 JFK Blvd, Jersey City, NJ, USA
See Similar DealsMultiFamily15,048 SF
Financed 02/26/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$166
Total Square Footage:15,048 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,500,000.00
Monthly NOI$16,666.67
Monthly Debt Service$15,801.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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