Updated Dec 21, 2023
L&M Development Partners Acquires Multifamily Property In Newark For $42M Loan
250 Georgia King Vlg, Newark, New Jersey 07107, United States
$42,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Mar 10, 2022
About this deal
AI
L+M Development Partners, Type A Projects, and MSquared, along with Ron Moelis, Jonathan Cortell, and Alicia Glen, have closed on a $42 million construction loan for the multifamily property located at 250 Georgia King Village in Newark. The loan will be used for the development of the property.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Address: 250 Georgia King Village, Newark
- Market: Newark
- Landlord: L+M Development Partners - Ron Moelis & Jonathan Cortell; Type A Projects; MSquared - Alicia Glen
- Loan Type: Construction Loan
Ron Moelis and Jonathan Cortell, representing L+M Development Partners, along with Alicia Glen, representing MSquared, were involved in the transaction. They were instrumental in securing the construction loan for the development of the multifamily property at 250 Georgia King Village in Newark.
Players
Newark MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93