Updated Oct 25, 2024
Affinity Federal Credit Union Provides $1.5M Loan For Passaic Multifamily Property
308 Sherman St, Passaic, NJ 07055, USA
$1,500,000
$150/SF
Building Size
9,984 SF
Asset Type
MultiFamily
Closing
Nov 26, 2020
About this deal
AI
A multifamily property located at 308 Sherman Street in Passaic has recently undergone a closed transaction. The property, featuring multiple residential units, was involved in a loan deal.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,500,000
- Market: Passaic
- Lender: Affinity Federal Credit Union
- Landlord: Steven Hess & Scott Seale
- Broker: Caillin Boles - Progress Capital
The loan for this property was provided by Affinity Federal Credit Union. The landlords involved in the transaction are Steven Hess and Scott Seale. The broker representing the deal is Caillin Boles from Progress Capital.
Players
Passaic 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
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93