Updated Feb 16, 2024
Investors Bank Provides $31.05M Refinance Loan For Multifamily Property In Hamburg, NJ With Landlord Nick Rizzo
3331 State Route 94, Hamburg, NJ 07419, USA
$31,050,000
$5,175/SF
Building Size
6,000 SF
Asset Type
MultiFamily
Closing
Sep 20, 2021
About this deal
AI
Investors Bank has provided a refinancing loan of $31,050,000 for a multifamily property located at 3331 Route 94 in Hamburg, NJ. The property, spanning 37 acres, consists of 240 units. The loan was secured by the landlord, Nick Rizzo.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $31,050,000
- Address: 3331 Route 94, Hamburg, NJ
- Market: Hamburg, NJ
- Units: 240
- Acres: 37
- Lender: Investors Bank
- Landlord: Nick Rizzo
- Brokers: Brad Domenico & Gabby Cali - Progress Capital
Brad Domenico and Gabby Cali from Progress Capital represented the parties involved in the deal.
Players
Hamburg 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
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93