Updated May 12, 2025
Arbor Commercial Mortgage Provides $30.2M Loan For Multifamily Property In New Providence, NJ
36 Ethan Drive, New Providence, NJ, USA
$30,200,000
$36,606/SF
Building Size
825 SF
Asset Type
MultiFamily
Closing
Oct 8, 2020
About this deal
AI
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
New Providence 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93