Updated Mar 11, 2025
ConnectOne Bank Provides $3.4M Refinance Loan For Multifamily Properties In New Brunswick And South Amboy, NJ - Kathy Anderson & Caillin Boles Represented By Progress Capital
309 Suydam Street, New Brunswick, NJ, USA
$3,400,000
$229/SF
Building Size
14,790 SF
Asset Type
MultiFamily
Closing
May 16, 2021
About this deal
AI
ConnectOne Bank provided a refinance loan for a multifamily property located at 309 Suydam Street in New Brunswick, NJ, and 234 1st Street in South Amboy, NJ. The loan amount was $3,400,000 with a fixed rate of 3.125% for 5 years, with a rate-reset option.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,400,000
- Loan Type: Refinance
- Lender: ConnectOne Bank
- BROKERS: Kathy Anderson from Money.Girl.Kathy and Caillin Boles from CBoles21 - Progress Capital
- Market: New Brunswick and South Amboy, NJ
Kathy Anderson and Caillin Boles from Progress Capital represented the parties involved in this loan transaction.
Players
New Brunswick 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
4.67%
Cash-on-Cash
-1.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93