Yisroel Berger Secures $60 Million Bridge Loan From BridgeInvest For Newark Multifamily Property
FINANCED
$60,000,000
New Jersey
See Similar DealsMultiFamily198,000 SF
Financed 02/28/2025
FINANCED
Yisroel Berger Secures $60 Million Bridge Loan From BridgeInvest For Newark Multifamily Property
440 Elizabeth Avenue
See Similar DealsMultiFamily198,000 SF
Financed 02/28/2025
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$303
Total Square Footage:198,000 SF
Transaction Type:Loan
The property asset involved in this transaction is a multifamily building located at 440 Elizabeth Avenue in Newark, NJ. The asset encompasses a total square footage of 198,000 and consists of 216 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Loan Amount: $60,000,000
- Loan Type: Bridge
- Lender: BridgeInvest
- Landlord: Yisroel Berger
- Broker: Akiva Drew - Drew Capital
The key individuals involved in the transaction include Yisroel Berger, who is the landlord of the property, and Akiva Drew, the broker representing the deal through Drew Capital. The financing for this multifamily asset has been provided by BridgeInvest, indicating a partnership that supports the ownership and management of the property.
Players
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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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