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Daniel L. Goodwin, G. Joseph Cosenza & Joseph Binder Of The Inland Real Estate Group Secures $65.75 Million Loan From Fannie Mae For 450 Clermont Terrace Multifamily In Union

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FINANCED
$65,750,000
CM
G. Joseph Cosenza
Daniel L. Goodwin
+ 2

New Jersey

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MultiFamily
Financed 03/20/2025
the dealplayerscompscontact
Property Image
FINANCED

Daniel L. Goodwin, G. Joseph Cosenza & Joseph Binder Of The Inland Real Estate Group Secures $65.75 Million Loan From Fannie Mae For 450 Clermont Terrace Multifamily In Union

450 Clermont Terrace

See Similar Deals
MultiFamily
Financed 03/20/2025
CM
G. Joseph Cosenza
Daniel L. Goodwin
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

The asset involved in this transaction is a multi-family property located at 450 Clermont Terrace in the Union market. The loan amount for this property is $65,750,000.00.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $65,750,000.00
  • Address: 450 Clermont Terrace
  • Market: Union
  • Lender: Fannie Mae
  • Landlord: Daniel L. Goodwin, G. Joseph Cosenza & Joseph Binder - The Inland Real Estate Group of Companies, Inc

The individuals involved in this transaction include Chad Musgrove representing M&T Bank, and Wayne Elibero and Tovah Bakstran both representing M&T Realty Capital Corporation. These brokers played pivotal roles in facilitating the loan arrangement for the transaction.

Players

WE
M&T Realty Capital Corporation
Wayne Elibero
1 deal$65.8M volume
BROKER
Tovah Bakstran
M&T Realty Capital Corporation
Tovah Bakstran
1 deal$65.8M volume
BROKER
Fannie Mae
Fannie Mae
LENDER

Details

FINANCED
IMAGE: Daniel L. Goodwin, G. Joseph Cosenza, Joseph Binder, Chad Musgrove, Tovah Bakstran & Wayne Elibero DATE: 03/20/2025 ADDRESS: 450 Clermont Terrace MARKET: Union ASSET TYPE: Multifamily ~ UNITS: 393 LENDER: Fannie Mae (@OfficialFannieMae) LANDLORD: Daniel L. Goodwin, G. Joseph Cosenza & Joseph Binder - The Inland Real Estate Group of Companies, Inc (@InlandRealEstateGroup) BROKERS: Chad Musgrove, Tovah Bakstran & Wayne Elibero - M&T Realty Capital Corporation LOAN AMOUNT: $65,750,000 NOTE: M&T Realty Capital Corp. arranged nearly $66M in financing from Fannie Mae for Summit Court, a 393-unit luxury apartment complex in Union, NJ. The loan follows an acquisition of the property by an affiliate of The Inland Real Estate Group for $131.5M, marking M&T's first closing with the group. #

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,750,000.00

Monthly NOI$438,333.33
Monthly Debt Service$415,584.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00