Nationwide Provides $49.5M Construction Loan For Multifamily Property In Clark
FINANCED
$49,500,000
New Jersey
See Similar DealsMultiFamily213,666 SF
Financed 11/23/2023
FINANCED
Nationwide Provides $49.5M Construction Loan For Multifamily Property In Clark
35 Walnut Avenue clark
See Similar DealsMultiFamily213,666 SF
Financed 11/23/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$231
Total Square Footage:213,666 SF
Transaction Type:Loan
The multifamily property located at 35 Walnut Avenue in Clark has been involved in a recent transaction. The property consists of 177 units with a total square footage of 213,666. The transaction took place on 11/23/2023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $49,500,000.00
- Lender: Nationwide
- Landlord: Garden Communities
- Brokers: Evan Pariser & Matthew Pizzolato - JLL
- Loan Type: Construction
Evan Pariser and Matthew Pizzolato from JLL represented the parties involved in the deal. Garden Communities acted as the landlord, while Nationwide provided the loan amount of $49,500,000.00 for the construction of the property.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$49,500,000.00
Monthly NOI$330,000.00
Monthly Debt Service$312,873.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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