Freedom Capital Acquires Multifamily Properties In Newark, NJ With $2.4M Loan From Blue Foundry
FINANCED
$2,435,000
New Jersey
See Similar DealsMultiFamily
Financed 03/24/2021
FINANCED
Freedom Capital Acquires Multifamily Properties In Newark, NJ With $2.4M Loan From Blue Foundry
310 14th Avenue, Newark, NJ 07103, USA
See Similar DealsMultiFamily
Financed 03/24/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
Freedom Capital has acquired three multifamily properties in Newark. The properties include 310 14th Avenue, 634 15th Avenue, and 293-303 Osborne Terrace. The acquisition was facilitated by Jake Gluck of Blue Foundry. The total loan amount for the transaction was $2,435,000, provided by Blue Foundry. The loan terms do not have a COVID reserve requirement.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,435,000
- Address: 310 14th Avenue, 634 15th Avenue & 293-303 Osborne Terrace
- Market: Newark
- Loan Type: Acquisition
- Lender: Blue Foundry
- Landlord: Freedom Capital
- Broker: Jake Gluck - Blue Foundry
Jake Gluck of Blue Foundry played a pivotal role as the broker in this acquisition deal. The terms of the loan provided by Blue Foundry did not require a COVID reserve. The multifamily properties, located at 310 14th Avenue, 634 15th Avenue, and 293-303 Osborne Terrace, were successfully acquired by Freedom Capital.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,435,000.00
Monthly NOI$16,233.33
Monthly Debt Service$15,390.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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