Updated Dec 4, 2024
Arbez Group Secures $5.6 Million Refinance Loan From Lument For Newark Multifamily Property
$5,600,000
$280/SF
Building Size
20,000 SF
Asset Type
MultiFamily
Closing
Aug 14, 2024
About this deal
AI
The asset involved in this transaction is a multifamily property located in Newark, consisting of 32 units and a total square footage of 20,000. The loan amount secured for this property is $5,600,000, with refinancing terms set for 5 years, including a partial interest-only period and flexible prepayment penalties.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,600,000
- Lender: Lument
- Landlord: Arbez Group
- Brokers: Jake Gluck & Michael Helmreich - agency/fortune-capital-group'>agency/fortune-capital-group'>Fortune Capital Group
- Loan Type: Refinance
- Loan Terms: 5 Years, Partial IO, Flex PPP
- Units: 32
- Square Footage: 20,000
The key individuals involved in this transaction include brokers Jake Gluck and Michael Helmreich from agency/fortune-capital-group'>Fortune Capital Group, who facilitated the process on behalf of Arbez Group, the landlord of the property. For finance-related inquiries, Jake Gluck can be contacted at 973-713-6673 or via email at [email protected].
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.83%
Cash-on-Cash
-0.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93