Updated Oct 28, 2024
Pointe Developers Refinances Multifamily Property In Jersey City For $14M
253 Academy Street, Jersey City, New Jersey 07306, United States
$14,000,000
$1,489/SF
Building Size
9,400 SF
Asset Type
MultiFamily
Closing
Apr 4, 2022
About this deal
AI
The multifamily property located at 253 Academy St. in Jersey City has been involved in a refinancing transaction. The property comprises 79 units and is owned by Pointe Developers. The deal was facilitated by the broker Kathy Anderson from Progress Capital. The loan amount for this transaction is $14,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,000,000
- Units: 79
- Address: 253 Academy St.
- Market: Jersey City
Kathy Anderson from Progress Capital represented the owner, Pointe Developers, in this refinancing loan.
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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93