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
Jersey City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
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