Updated Oct 28, 2024
Canoe Brook Development Secures $65M Construction Loan For Warren Multifamily Property
284 King George Road, Warren Township, New Jersey 07059, United States
$65,000,000
Units
220
Asset Type
MultiFamily
Closing
Mar 15, 2022
About this deal
AI
Canoe Brook Development, owned by Marshall Tycher, secured a $65 million construction loan from Madison Realty Capital, led by Josh Zegen, for a multifamily property located at 284 King George Road in Warren. The property spans over 9 acres and consists of 220 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $65,000,000
- Address: 284 King George Road
- Market: Warren
- Units: 220
- Acres: 9
The loan, provided by Madison Realty Capital, is a construction loan. Canoe Brook Development, represented by Marshall Tycher, will utilize the loan to fund the construction of the multifamily property at 284 King George Road in Warren.
On the Map
$65,000,000
MultiFamily
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Players
Warren 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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93