Van Golemis Of Vango Development Secures $25 Million Construction Loan From Connect One Bank For Multifamily Property
FINANCED
$25,000,000
New Jersey
See Similar DealsMultiFamily159,206 SF
Financed 12/16/2024
FINANCED
Van Golemis Of Vango Development Secures $25 Million Construction Loan From Connect One Bank For Multifamily Property
263 Hackensack Street
See Similar DealsMultiFamily159,206 SF
Financed 12/16/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$157
Total Square Footage:159,206 SF
Transaction Type:Loan
The property involved in this transaction is a multifamily asset located at 263 Hackensack Street in East Rutherford, featuring a total of 86 units within a square footage of 159,206. The loan amount for the construction of this asset is $25,000,000, provided by Connect One Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $25,000,000
- Units: 86
- Square Footage: 159,206
- Address: 263 Hackensack Street
- Market: East Rutherford
- Lender: Connect One Bank
- Landlord: Van Golemis - Vango Development
- Loan Type: Construction
Key individuals in this transaction include Van Golemis, who represents Vango Development as the landlord in this loan arrangement. The lender, Connect One Bank, is facilitating the construction financing for the project.
Players
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,000,000.00
Monthly NOI$166,666.67
Monthly Debt Service$158,017.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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