AI Capital Lending Closes $6,250,000 Construction Loan For Multifamily Development In Passaic County
$6,250,000
$227/SF
Building Size
27,500 SF
Asset Type
MultiFamily
Closing
Apr 22, 2026
AI
This transaction involves a multifamily asset located in Passaic County, New Jersey. The property will feature 31 residential units within a total area of 27,500 square feet, along with 26 dedicated parking spaces. The loan provided for the construction of this development amounts to $6,250,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,250,000
- Market: Passaic County
- Units: 31
- Square Footage: 27,500
- Lender: Anthony Iervolino - AI Capital Lending
- Loan Type: Construction
Anthony Iervolino, representing AI Capital Lending as the lender, facilitated the closing of this construction loan, contributing directly to the development project aimed at enhancing the Passaic County community. AI Capital Lending is recognized for offering customized loan structures tailored for sophisticated developers to realize their project objectives efficiently.
Players
Market 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
2.54%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93