Updated Oct 29, 2024
IceCap Real Estate Loan Fund I Provides $14M Refinancing For Multi-Property Portfolio In East Orange, NJ
39 Washington Street, East Orange, NJ, USA
$14,000,000
$4,388/SF
Building Size
3,190 SF
Asset Type
MultiFamily
Closing
Mar 16, 2021
About this deal
AI
A multi-property portfolio located throughout New Jersey recently underwent a $14 million refinancing. The properties, consisting of 39 Washington Street, 52-64 Springdale, 27 Church Terrace, 190-192 N Park, 207 Freeway Drive E, and 207 S Harrison Street, are all classified as multifamily assets. IceCap Real Estate Loan Fund I acted as the lender for this transaction, providing the necessary financing. Town Title Agency insured the refinancing, enabling PL Acquisition Five LLC to proceed with the loan.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $14,000,000
- Loan Type: Refinance
- Lender: IceCap Real Estate Loan Fund I
- Landlord: PL Acquisition Five LLC
IceCap Real Estate Loan Fund I played a crucial role in funding the $14 million refinancing of this multi-property portfolio. Working alongside PL Acquisition Five LLC, the lender facilitated the transaction, which was insured by Town Title Agency. This successful refinancing demonstrates the ongoing activity and interest in the East Orange, NJ market for multifamily properties.
Players
East Orange 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93