Updated Oct 28, 2024
Greystone Provides $74.3M Loan For Newark Multifamily Property
322-324 Park Avenue, Newark, New Jersey 07107, United States
$74,300,000
Units
574
Asset Type
MultiFamily
Closing
Jun 1, 2022
About this deal
AI
The multifamily property located at 322-324 Parke Ave in Newark was involved in a closed transaction. The property consists of 574 units and is situated in a vibrant market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $74,300,000
- Lender: greystone''>Greystone
- Loan Terms: 10-year terms and 30-year amortization
- Representative: Hope Curtis - Greystone
Hope Curtis, from Greystone, represented the lender in the transaction. The loan amount for this deal was $74,300,000 with terms of 10 years and a 30-year amortization period.
Players
Newark 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93