Yozel Developers and Sky Developers Secures $16.55 Million Construction Loan From Popular Bank For Jersey City Multifamily
342 Johnston Avenue
$16,550,000
$275/SF
Building Size
60,000 SF
Asset Type
MultiFamily
Closing
Aug 8, 2024
AI
The property asset involved in this transaction is a multifamily building located at 342 Johnston Avenue in Jersey City. The asset comprises 55 units with a total square footage of 60,000. The loan amount secured for this construction project is $16,550,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $16,550,000
- Address: 342 Johnston Avenue
- Market: Jersey City
- Lender: Popular Bank
- Landlord: Yoel Teitelbaum; Yozel Developers; Simon Klepner - Sky Developers
- Broker: Jay Tyberg - Eastern Union
- Loan Type: Construction
The key individuals involved in this deal include Yoel Teitelbaum from Yozel Developers and Simon Klepner from Sky Developers, along with broker Jay Tyberg from Eastern Union, representing the financial interests of the landlords in the deal.
Players
Jersey City 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
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93