Mike Cleaver & Matt Fantuzzi Of Emerald Creek Capital Provide $24.4M Bridge Loan For Multifamily Asset
FINANCED
$24,400,000
New Jersey
See Similar DealsMultiFamily69,093 SF
Financed 11/06/2024
FINANCED
Mike Cleaver & Matt Fantuzzi Of Emerald Creek Capital Provide $24.4M Bridge Loan For Multifamily Asset
325 3rd Street
See Similar DealsMultiFamily69,093 SF
Financed 11/06/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$353
Total Square Footage:69,093 SF
Transaction Type:Loan
The property involved in this transaction is a multifamily asset located at 325 3rd Street, Jersey City, containing 48 units and encompassing a total of 69,093 square feet. The loan amount secured for this asset is $24,400,000, structured as a bridge loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $24,400,000
- Units: 48
- Square Footage: 69,093
- Address: 325 3rd Street
- Market: Jersey City
- Lender: Mike Cleaver & Matt Fantuzzi - Emerald Creek Capital
- Broker: Justin Bomba & Daniel Cohen - Ackman Ziff
- Loan Type: Bridge
The deal involved key representatives including Mike Cleaver and Matt Fantuzzi from Emerald Creek Capital, serving as the lenders. The brokerage team included Justin Bomba and Daniel Cohen from Ackman Ziff, who played a vital role in facilitating the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,400,000.00
Monthly NOI$162,666.67
Monthly Debt Service$154,224.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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