Updated Oct 29, 2024
Radiant Property Management Secures $5M Loan For Paterson Multifamily Property
400 Broadway, Paterson, NJ 07501, Estados Unidos
$5,000,000
$285/SF
Building Size
17,500 SF
Asset Type
MultiFamily
Closing
Oct 19, 2020
About this deal
AI
Radiant Property Management LLC has secured a loan of $5,000,000 for the acquisition of a multifamily property located at 400 Broadway in Paterson. The property consists of 50 units and is situated in a bustling market. The loan was provided by keybank-''>KeyBanks Community Development Lending & Investment (CDLI), with Eric Steinberg handling the transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,000,000
- Lender: KeyBanks Community Development Lending & Investment (CDLI) – Eric Steinberg
- Landlord: Radiant Property Management LLC
- Units: 50
Key individuals involved in the deal include Eric Steinberg from KeyBanks Community Development Lending & Investment, who represented the lender. This transaction showcases the active presence of Radiant Property Management LLC in the Paterson market and their continued investment in the multifamily sector.
Players
Paterson MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse New Jersey multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93