Norkez Properties Secures $19.2M Construction Loan For Multifamily Property In Jersey City, NJ
454 2nd Street, Jersey City, New Jersey 07302, United States
$19,246,000
$219/SF
Building Size
87,843 SF
Asset Type
MultiFamily
Closing
Dec 6, 2021
AI
A construction loan has been secured for a multifamily property located at 454 2nd Street in Jersey City, NJ. The property spans approximately 87,843 square feet and consists of 48 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $19,246,000
- Date: 12/06/2021
- Market: Jersey City, NJ
The construction loan was provided by Valley Bank. Norkez Properties is the landlord of the property. The transaction was facilitated by Daniel Cohen and Tal Savariego from Meridian Capital Group, serving as brokers.
Players
Jersey City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93