Ursa Development Group & Fields Grade Development Secures $150M Senior Construction Loan For 336-Unit Multifamily In Jersey City
FINANCED
$150,000,000
New Jersey
See Similar DealsMultiFamily
Financed 05/26/2022
FINANCED
Ursa Development Group & Fields Grade Development Secures $150M Senior Construction Loan For 336-Unit Multifamily In Jersey City
3 New York Avenue, Jersey City, New Jersey 07307, United States
See Similar DealsMultiFamily
Financed 05/26/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
Located at 3 New York Ave in Jersey City, this multifamily property is the center of a recent closed transaction. The property consists of 336 units, making it an attractive investment opportunity in the bustling market of Jersey City.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $150,000,000
- Address: 3 New York Ave, Jersey City
- Market: Jersey City
- Loan Type: Senior Construction Loan
- Loan Amount: $150,000,000
The transaction was facilitated by Ursa Development Group and Fields Grade Development, who are the landlords of the property. BlueGate Partners, acting as the broker, played a crucial role in bringing the deal to fruition.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$150,000,000.00
Monthly NOI$1,000,000.00
Monthly Debt Service$948,102.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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