Hiren Ramani Of Ramani Group Secures $60 Million Construction Loan For 266 Units In Plainfield NJ
FINANCED
$60,000,000
New Jersey
See Similar DealsMultiFamily
Financed 10/02/2025
FINANCED
Hiren Ramani Of Ramani Group Secures $60 Million Construction Loan For 266 Units In Plainfield NJ
401 East 3rd Street
See Similar DealsMultiFamily
Financed 10/02/2025
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in this transaction is a multifamily property with a total of 266 units located at 401 East 3rd Street, Plainfield, NJ. The transaction includes a construction loan amounting to $60,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Market: Plainfield, NJ
- Lender: Eric Scheffler & Christopher Pardo - Invictus Real Estate Partners
- Landlord: Hiren Ramani - Ramani Group
- Landlord's Representative: Brian Anderson & Eddie Miro - Cushman & Wakefield
Key individuals in this transaction include Eric Scheffler and Christopher Pardo, who are representatives of the lender, Invictus Real Estate Partners. Hiren Ramani represents the landlord, while the landlord's interests are represented by Brian Anderson and Eddie Miro from Cushman & Wakefield.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,000,000.00
Monthly NOI$400,000.00
Monthly Debt Service$379,240.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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