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Franklin BSP Realty Trust, Inc. Refinances Multifamily Asset In Jersey City For $105M

Property Image
FINANCED
$105,000,000
Gerard Quinn
Jon Mikula
Michael Klein

New Jersey

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MultiFamily
Financed 03/28/2022
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FINANCED

Franklin BSP Realty Trust, Inc. Refinances Multifamily Asset In Jersey City For $105M

23 University Place Blvd, Jersey City, New Jersey 07305, United States

See Similar Deals
MultiFamily
Financed 03/28/2022
Gerard Quinn
Jon Mikula
Michael Klein
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Michael Klein
JLL
Michael Klein
77 deals$2.6B volume(973) 549-2005
BROKER
Jon Mikula
JLL
Jon Mikula
42 deals$1.8B volume(973) 549-2006
BROKER
Gerard Quinn
JLL
Gerard Quinn
31 deals$2.2B volume(973) 549-2045
BROKER
Benefit Street Partners Realty
Benefit Street Partners Realty
LENDER
TC
The Hampshire Companies
LANDLORD
CD
Claremont Development
LANDLORD

Details

FINANCED
IMAGE: Jon Mikula, Michael Klein, & Gerard Quinn DATE: 03/28/2022 ADDRESS: 23 University Pl Blvd MARKET: Jersey City ASSET TYPE: Multifamily ~ UNITS: 362 LENDER: Franklin BSP Realty Trust, Inc. LANDLORD: The Hampshire Companies, Claremont Development & Circle Squared BROKERS: Jon Mikula, Michael Klein, & Gerard Quinn - JLL Capital Markets LOAN AMOUNT: $105,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$105,000,000.00

Monthly NOI$700,000.00
Monthly Debt Service$663,671.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00