Hiren Ramani Of Ramani Group Secures $60 Million Construction Loan For 266 Units In Plainfield NJ
401 East 3rd Street
$60,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 1, 2025
AI
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.
Players
Plainfield 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
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93