Updated Oct 28, 2024
FINANCEDMultiFamily
JMC Realty Group Refinances Multifamily Property In Toms River, NJ With $8.3M Loan From Lakeland Bank
2140 Lakewood Road
$8,310,000
Units
44
Asset Type
MultiFamily
Closing
Aug 9, 2022
About this deal
AI
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
Toms River 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
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93