Norkez Properties Secures $19.2M Construction Loan For Multifamily Property In Jersey City, NJ
FINANCED
$19,246,000
New Jersey
See Similar DealsMultiFamily87,843 SF
Financed 12/06/2021
FINANCED
Norkez Properties Secures $19.2M Construction Loan For Multifamily Property In Jersey City, NJ
454 2nd Street, Jersey City, New Jersey 07302, United States
See Similar DealsMultiFamily87,843 SF
Financed 12/06/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$219
Total Square Footage:87,843 SF
Transaction Type:Loan
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
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,246,000.00
Monthly NOI$128,306.67
Monthly Debt Service$121,647.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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