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PCCP Secures $34.5M Loan From PGIM For MultiFamily Property In Edgewater

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FINANCED
$34,500,000

New Jersey

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MultiFamily
Financed 11/22/2021
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FINANCED

PCCP Secures $34.5M Loan From PGIM For MultiFamily Property In Edgewater

340 Old River Rd, Edgewater, NJ, 07020

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MultiFamily
Financed 11/22/2021
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

The property at 340 Old River Rd, Edgewater, NJ, 07020, is a MultiFamily asset that was part of a recent transaction involving a loan amount of $34,500,000.00. The borrower in this deal was PCCP, with PGIM acting as the lender in the transaction. Michael Klein from JLL represented the borrower on this transaction in Edgewater's market.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $34,500,000.00
  • Address: 340 Old River Rd, Edgewater, NJ, 07020
  • Market: Edgewater
  • Borrower: PCCP
  • Lender: PGIM
  • Borrower's Rep: Michael Klein (JLL)

This transaction involved key individuals and companies, with Michael Klein from JLL representing the borrower, PCCP, in securing the loan from PGIM for the MultiFamily property located in Edgewater's market.

Players

Michael Klein
77 deals$2.6B volume(973) 549-2005
BROKER

PGIM
LENDER

Details

FINANCED
IMAGE: 11/22/2021 ADDRESS: 340 Old River Rd, Edgewater, NJ, 07020 MARKET: Edgewater ASSET TYPE: MultiFamily BORROWER'S REP: Michael Klein(JLL) BORROWER: PCCP LENDER: PGIM LOAN AMOUNT: $34,500,000.00

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$34,500,000.00

Monthly NOI$230,000.00
Monthly Debt Service$218,063.47
Change in Cash Flow$0.00
Refinance Proceeds$0.00