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Trevian Capital Provides $22.95M Refinance For 92-Unit Multifamily Property In Newark

Property Image
FINANCED
$22,950,000
MH
CZ

New Jersey

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MultiFamily72,150 SF
Financed 02/04/2025
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Property Image
FINANCED

Trevian Capital Provides $22.95M Refinance For 92-Unit Multifamily Property In Newark

303 Washington Street

See Similar Deals
MultiFamily72,150 SF
Financed 02/04/2025
MH
CZ
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$318
Total Square Footage:72,150 SF
Transaction Type:Loan

The property asset involved in this transaction is a multifamily development located at 303 Washington Street in Newark. This Class-A property consists of 92 units and has a total square footage of 72,150. The financing is categorized as a refinance transaction with a total loan amount of $22,950,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $22,950,000
  • Address: 303 Washington Street
  • Market: Newark
  • Units: 92
  • Square Footage: 72,150
  • Lender: Michael Hoffenberg & Charlie Zabriskie - Trevian Capital
  • Loan Type: Refinance
  • Loan Terms: Construction Completion and Stabilization 18 + 6

Trevian Capital, represented by Michael Hoffenberg and Charlie Zabriskie, provided funding that includes recapitalization and construction completion and stabilization financing for the multifamily property, which is currently 90% complete.

Players

MH
Michael Hoffenberg
4 deals$52.3M volume
LENDER
CZ
Charlie Zabriskie
16 deals$278.5M volume
LENDER
Trevian Capital
Trevian Capital
LENDER

Details

FINANCED
IMAGE: Michael Hoffenberg & Charlie Zabriskie DATE: 02/04/2025 ADDRESS: 303 Washington Street MARKET: Newark ASSET TYPE: Multifamily ~ UNITS: 92 ~ SF: 72,150 LENDER: Michael Hoffenberg (@MHoffenberg) & Charlie Zabriskie (@CharlieZabriskie) - Trevian Capital (@TrevianCapital) LOAN AMOUNT: $22,950,000 LOAN TYPE: Refinance LOAN TERMS: Construction Completion and Stabilization 18 + 6 NOTE FROM LENDER: Trevian Capital provided a $22,950,000 recapitalization and construction completion and stabilization financing of a 90% complete, Class-A, multifamily property in Newark, NJ.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$22,950,000.00

Monthly NOI$153,000.00
Monthly Debt Service$145,059.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00