Updated Feb 16, 2024
TD Bank Provides $2.3M Refinance Loan For Multifamily Property In East Orange, NJ
264-270 South Harrison Street, East Orange, NJ, USA
$2,300,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 3, 2020
About this deal
AI
The loan for the multifamily property located at 264-270 South Harrison Street and 76 East Park Street in East Orange, NJ, was recently refinanced. The borrower, Maria Mercado Gross, secured a loan from TD Bank for an amount of $2,300,000. The loan terms include a 10-year fixed rate, a 30-year amortization period, and an interest rate of 2.64%.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,300,000
- Loan Type: Refinance
- Lender: TD Bank
- Landlord: Maria Mercado Gross
- Brokers: Frank Stanislaski from Progress Capital
The deal was facilitated by Frank Stanislaski from Progress Capital, representing the borrower Maria Mercado Gross, and Gabby Cali, also from Progress Capital. The loan provides favorable terms to the borrower, with a low interest rate and a long-term fixed rate, allowing for stable financial planning.
Players
East Orange 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
6.90%
Cash-on-Cash
-1.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93