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The PRC Group Refinances Bayonne Luxury Apartment Complex For $36M With Walker & Dunlop

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FINANCED
$36,000,000
Rhett Saltiel
Kristopher (Kris) Wood
John Wilson
+ 2

New Jersey

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MultiFamily
Financed 08/22/2023
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Property Image
FINANCED

The PRC Group Refinances Bayonne Luxury Apartment Complex For $36M With Walker & Dunlop

317 Ave E Bayonne, Nj 07002, Usa

See Similar Deals
MultiFamily
Financed 08/22/2023
Rhett Saltiel
Kristopher (Kris) Wood
John Wilson
+ 2
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

The PRC Group has obtained a $36 million refinance for Bayonne's luxury apartment complex, City Line Bayonne. The property, located at 317 Avenue East, is a multifamily building with 162 units. The deal was facilitated by Walker & Dunlop, with brokers John Banas, Kris Wood, John Wilson, Rhett Saltiel, and Erik DiGirolamo representing the landlord.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $36,000,000
  • Units: 162
  • Address: 317 Avenue East, Bayonne
  • Market: Bayonne

The loan obtained by The PRC Group for City Line Bayonne's luxury apartment complex features a 10-year fixed term with flexible prepayment. The refinancing deal provides the potential for increased proceeds for the property.

Players

John Banas
NorthMarq
John Banas
6 deals$320.3M volume(215) 803-2244
BROKER
Kristopher (Kris) Wood
NorthMarq
Kristopher Wood
6 deals$320.3M volume(215) 219-8404
BROKER
Rhett Saltiel
Walker & Dunlop
Rhett Saltiel
3 deals$209.8M volume
BROKER
Erik DiGirolamo
Walker & Dunlop
Erik DiGirolamo
3 deals$209.8M volume
BROKER
John Wilson
Walker & Dunlop
John Wilson
6 deals$121.4M volume
BROKER

Details

FINANCED
IMAGE: John Banas, Kris Wood, John Wilson, Rhett Saltiel & Erik DiGirolamo DATE: 08/22/2023 ADDRESS: 317 Avenue East MARKET: Bayonne ASSET TYPE: Multifamily ~ UNITS: 162 LANDLORD: The PRC Group BROKERS: John Banas, Kris Wood, John Wilson, Rhett Saltiel (@RhettSaltiel) & Erik DiGirolamo (@Erik_Digirolamo) - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $36,000,000 LOAN TYPE: Refinance LOAN TERMS: 10-year fixed term with flexible prepayment NOTE: The PRC Group has obtained a $36 million refinance for Bayonne's luxury apartment complex, City Line Bayonne. Facilitated by Walker & Dunlop, the loan features a 10-year fixed term, prepayment flexibility, and potential for increased proceeds.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$36,000,000.00

Monthly NOI$240,000.00
Monthly Debt Service$227,544.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00