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40 Center Street

Lightstone Capital Provides $34M Bridge Loan For Multifamily In Jersey City
FINANCEDMultiFamily

Lightstone Capital Provides $34M Bridge Loan For Multifamily In Jersey City

40 Center Street

$34,000,000

$226/SF

Building Size

150,000 SF

Asset Type

MultiFamily

Closing

Jun 28, 2024

AI

The multifamily property located at 40 Center Street in Jersey City spans 150,000 square feet and consists of 80 units. The property was financed through a $34,000,000 bridge loan provided by Lightstone Capital. The landlords of the property are Sandy Weiss and Josh Biegel of Manhattan Building Company. Drew Fletcher, Ryan Cohen, and Bryan Grover of Greystone represented the landlords in the deal.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $34,000,000
  • Units: 80
  • Square Footage: 150,000
  • Address: 40 Center Street, Jersey City
  • Market: Jersey City

The key individuals and companies involved in the deal include Sandy Weiss, Josh Biegel, Drew Fletcher, Ryan Cohen, and Bryan Grover. Sandy Weiss and Josh Biegel are the landlords representing the Manhattan Building Company. Drew Fletcher, Ryan Cohen, and Bryan Grover served as the representatives for the landlords from Greystone in this transaction.

Players

Bryan Grover

Greystone

Broker

$6.1B

vol

35 deals

Broker
Greystone
GreystoneBrokerage
Lightstone Group
Lightstone GroupLender

Jersey City 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

0.47%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93