Arbor Commercial Mortgage Provides $53M Refinance Loan For Multifamily Property In East Orange, NJ
FINANCED
$53,000,000
New Jersey
See Similar DealsMultiFamily1,200 SF
Financed 07/26/2020
FINANCED
Arbor Commercial Mortgage Provides $53M Refinance Loan For Multifamily Property In East Orange, NJ
315 South Harrison Street, East Orange, NJ 07018
See Similar DealsMultiFamily1,200 SF
Financed 07/26/2020
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$44,166
Total Square Footage:1,200 SF
Transaction Type:Loan
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
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$53,000,000.00
Monthly NOI$353,333.33
Monthly Debt Service$334,996.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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