Canoe Brook Development Secures $65M Construction Loan For Warren Multifamily Property
FINANCED
$65,000,000
New Jersey
See Similar DealsMultiFamily
Financed 03/16/2022
FINANCED
Canoe Brook Development Secures $65M Construction Loan For Warren Multifamily Property
284 King George Road, Warren Township, New Jersey 07059, United States
See Similar DealsMultiFamily
Financed 03/16/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$65,000,000.00
Monthly NOI$433,333.33
Monthly Debt Service$410,844.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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