Starwood Property Trust Provides $96M Construction Loan For Multifamily Project In Jersey City
FINANCED
$96,000,000
New Jersey
See Similar DealsMultiFamily10,006 SF
Financed 10/19/2021
FINANCED
Starwood Property Trust Provides $96M Construction Loan For Multifamily Project In Jersey City
425 Summit Avenue, Jersey City, NJ, USA
See Similar DealsMultiFamily10,006 SF
Financed 10/19/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$9,594
Total Square Footage:10,006 SF
Transaction Type:Loan
Located at 425 Summit Avenue in Jersey City, this multifamily property was involved in a recent closed transaction. Owned by Spitzer Enterprises, the property's landlord is Eliot Spitzer. The market value of this asset in the Jersey City market adds to the appeal of this prime location.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $96,000,000
- Lender: Starwood Property Trust - Barry S. Sternlicht
- Broker: Meridian Capital Group
Noteworthy in this deal is the loan provided by Starwood Property Trust, with Barry S. Sternlicht representing the lender. The loan amount for this transaction is $96,000,000, indicating the substantial nature of the project. Additionally, Meridian Capital Group played a role as the broker in facilitating this closed transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$96,000,000.00
Monthly NOI$640,000.00
Monthly Debt Service$606,785.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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