Updated Oct 28, 2024
Franklin BSP Realty Trust, Inc. Refinances Multifamily Asset In Jersey City For $105M
23 University Place Blvd, Jersey City, New Jersey 07305, United States
$105,000,000
Units
362
Asset Type
MultiFamily
Closing
Mar 27, 2022
About this deal
AI
The multifamily property located at 23 University Pl Blvd in Jersey City has been refinanced with a loan amount of $105,000,000. The property consists of 362 units and is owned by The Hampshire Companies, Claremont Development, and Circle Squared.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $105,000,000
- Address: 23 University Pl Blvd
- Market: Jersey City
- Units: 362
The loan was provided by Franklin BSP Realty Trust, Inc. The brokers who facilitated the deal were Jon Mikula, Michael Klein, and Gerard Quinn from JLL Capital Markets.
On the Map
$105,000,000
MultiFamily
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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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93