Arbez Group Secures $5.6 Million Refinance Loan From Lument For Newark Multifamily Property
FINANCED
$5,600,000
New Jersey
See Similar DealsMultiFamily20,000 SF
Financed 08/14/2024
FINANCED
Arbez Group Secures $5.6 Million Refinance Loan From Lument For Newark Multifamily Property
MultiFamily20,000 SF
Financed 08/14/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$280
Total Square Footage:20,000 SF
Transaction Type:Loan
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].
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,600,000.00
Monthly NOI$37,333.33
Monthly Debt Service$35,395.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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