Eagle Cliff And MRY Associates Secure $20M Construction Loan For Millburn Multifamily
397 Millburn Avenue, Millburn, New Jersey 07041, United States
$20,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 1, 2023
AI
The property involved in this transaction is a multifamily asset located at 397 Millburn Ave in Millburn. It consists of 53 units and is owned by Eagle Cliff Real Estate Partners & MRY Associates. The transaction took place on January 4, 2023.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,000,000
- Loan Type: Construction Loan
- Loan Terms: three-year, floating-rate
The lender for this transaction was Provident Bank. Jon Mikula & Salvatore Buzzerio from JLL represented the buyer and seller in this deal.
Players
Millburn 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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93