Cooper Horowitz Brokers Secures $27.5M Construction Loan For Long Branch Multifamily Property
272 Willow Avenue, Long Branch, New Jersey 07740, United States
$27,500,000
$187/SF
Building Size
147,000 SF
Asset Type
MultiFamily
Closing
May 24, 2022
AI
A multifamily property located in Long Branch, at 272 Willow Ave & 258 Morris Ave, was recently involved in a closed transaction. The property spans 147,000 square feet and consists of 87 units. The deal took place on May 25, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Date: May 25, 2022
- Address: 272 Willow Ave & 258 Morris Ave, Long Branch
- Units: 87
- Square Footage: 147,000
The construction loan for this transaction was provided by Sean Robertson and Jeff Rosenfeld from Churchill Real Estate. They lent a total of $27,500,000 for the project. The loan type was construction.
The brokers involved in the deal were Nick Barbato, Michael Horowitz, and Jordan Horowitz from Cooper Horowitz.
Players
Long Branch 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
0.58%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93