Updated Feb 16, 2024
ConnectOne Bank Provides $27M Acquisition Loan For Multifamily Property In Kearny, NJ
109 Belgrove Drive, Kearny, NJ 07032, USA
$27,000,000
Units
171
Asset Type
MultiFamily
Closing
Oct 18, 2021
About this deal
AI
The multifamily property located at 41-109 Belgrove Drive in Kearny, NJ has recently undergone a loan transaction. The property consists of 171 units and is situated in the market of Kearny, NJ.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $27,000,000
- Address: 41-109 Belgrove Drive, Kearny, NJ
- Market: Kearny, NJ
- Units: 171
The loan for this acquisition was provided by ConnectOne Bank. The landlord, Robert Tagliareni, facilitated the transaction. Progress Capital, represented by Brad Domenico, served as the broker in the deal.
Niko Nicolaou and David Oropeza of Gebroe-Hammer Associates acted as the selling brokers in the transaction.
On the Map
$27,000,000
MultiFamily
View full map
Players
Kearny MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Brad Domenico to view all their deals.
Browse New Jersey multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93