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JMC Realty Group Refinances Multifamily Property In Toms River, NJ With $8.3M Loan From Lakeland Bank

Property Image
FINANCED
$8,310,000
Caillin Boles
Kathy Anderson
JC

New Jersey

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MultiFamily
Financed 08/09/2022
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Property Image
FINANCED

JMC Realty Group Refinances Multifamily Property In Toms River, NJ With $8.3M Loan From Lakeland Bank

2140 Lakewood Road

See Similar Deals
MultiFamily
Financed 08/09/2022
Caillin Boles
Kathy Anderson
JC
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

An $8.31 million loan was secured for the multifamily property located at 2140 Lakewood Rd. in Toms River, NJ. The property consists of 44 units and was refinanced through Lakeland Bank.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $8,310,000
  • Units: 44
  • Lender: Lakeland Bank
  • Landlord: JMC Realty Group - Jerald Cernero
  • Brokers: Kathy Anderson & Caillin Boles - Progress Capital
  • Loan Type: Refinance

Kathy Anderson and Caillin Boles from Progress Capital represented the buyer and seller in this loan transaction.

Players

Kathy Anderson
Cushman & Wakefield
Kathy Anderson
55 deals$922.6M volume(732) 720-6301
BROKER
Caillin Boles
Cushman & Wakefield
Caillin Boles
44 deals$520.3M volume(732) 720-6308
BROKER
Lakeland Bank
Lakeland Bank
LENDER
JC
Jerald Cernero
3 deals$17.5M volume
LANDLORD
JC
Jerald Cernero
3 deals$17.5M volume
LANDLORD
JC
Jerald Cernero
3 deals$17.5M volume
LANDLORD

Details

FINANCED
IMAGE: Kathy Anderson & Caillin Boles DATE: 08/09/2022 ADDRESS: 2140 Lakewood Rd. MARKET: Toms River, NJ ASSET TYPE: Multifamily ~ UNITS: 44 LENDER: Lakeland Bank LANDLORD: JMC Realty Group - Jerald Cernero BROKERS: Kathy Anderson (@Money.Girl.Kathy) & Caillin Boles (@CBoles21) - Progress Capital (@Progress.Capital) LOAN AMOUNT: $8,310,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,310,000.00

Monthly NOI$55,400.00
Monthly Debt Service$52,524.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00