Arbor Commercial Mortgage Provides $30.2M Loan For Multifamily Property In New Providence, NJ
FINANCED
$30,200,000
New Jersey
See Similar DealsMultiFamily825 SF
Financed 10/09/2020
FINANCED
Arbor Commercial Mortgage Provides $30.2M Loan For Multifamily Property In New Providence, NJ
36 Ethan Drive, New Providence, NJ, USA
See Similar DealsMultiFamily825 SF
Financed 10/09/2020
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$36,606
Total Square Footage:825 SF
Transaction Type:Loan
The transaction involves a multifamily asset located at 35 & 36 Ethan Drive in New Providence, NJ. The loan amount secured for this property was $30,200,000, with loan terms set at a fixed interest rate of 2.58% for a duration of 10 years, alongside a 4-year interest-only period.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,200,000
- Lender: Arbor Commercial Mortgage
- Broker: Brad Domenico @Progress.Capital
- Loan Terms: 2.58% Fixed for 10 Years/4 Years I/O
- Date of Transaction: 10/09/2020
Brad Domenico represented the broker agency Progress Capital in this transaction, facilitating the deal between the lender and the borrower for the multifamily property financing.
Players
BROKERAGE
LENDER
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$30,200,000.00
Monthly NOI$201,333.33
Monthly Debt Service$190,884.54
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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