Updated Mar 11, 2025
Arbor Commercial Mortgage Provides $53M Refinance Loan For Multifamily Property In East Orange, NJ
315 South Harrison Street, East Orange, NJ 07018
$53,000,000
$44,166/SF
Building Size
1,200 SF
Asset Type
MultiFamily
Closing
Jul 26, 2020
About this deal
AI
Arbor Commercial Mortgage has provided a $53,000,000 loan for the refinance of a multifamily property located at 315 S. Harrison Street in East Orange, NJ. The loan has a term of 3 years with interest-only payments and is non-recourse.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $53,000,000
- Loan Terms: 3-years I/O, Non-Recourse
- Loan Type: Refinance
- Lender: Arbor Commercial Mortgage
- Landlord: Airaj & Ibrahim Hasan - Blackstone 360
- Broker: Brad Domenico - Progress Capital
Brad Domenico from Progress Capital represented the parties involved in the transaction. The East Orange, NJ property, located at 315 S. Harrison Street, was refinanced with a $53,000,000 loan provided by Arbor Commercial Mortgage. The loan has a term of 3 years with interest-only payments and is non-recourse.
Players
East Orange 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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93