Updated Oct 28, 2024
Mariner's Bank Provides $5.67M Refinance Loan For Bayonne Multifamily Property
26 North Street, Bayonne, NJ, USA
$5,674,000
$18/SF
Building Size
300,000 SF
Asset Type
MultiFamily
Closing
Sep 20, 2021
About this deal
AI
The 170-unit multifamily property located at 26 North Street, Bayonne, NJ, was recently involved in a refinancing transaction. The loan was obtained by 26 North Avenue LLC from Mariner's Bank. The loan amount was $5,674,000, and the terms of the loan include a 2-year term with a floating rate and full-term interest-only payments.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,674,000
- Address: 26 North Street, Bayonne, NJ
- Market: Bayonne, NJ
- Units: 170
- Lender: Mariner's Bank
- Landlord: 26 North Avenue LLC
- Broker: Emil DePasquale - BlackBear Capital Partners
Emil DePasquale from BlackBear Capital Partners represented the parties involved in the transaction as the broker. This refinancing deal allows the property at 26 North Street to continue its multifamily operations with the financial support provided by Mariner's Bank.
Bayonne 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
2.80%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93