Updated Dec 4, 2024
Mike Cleaver & Matt Fantuzzi Of Emerald Creek Capital Provide $24.4M Bridge Loan For Multifamily Asset
325 3rd Street
$24,400,000
$353/SF
Building Size
69,093 SF
Asset Type
MultiFamily
Closing
Nov 6, 2024
About this deal
AI
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.
Players
Jersey City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Ackman-Ziff to view all their deals.
Browse Jersey City multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93