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ConnectOne Bank Provides $18.4M Construction Loan For Multifamily Property In Orange, NJ

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FINANCED
$18,400,000
Daniel Cohen
Tal Savariego
PE

New Jersey

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MultiFamily69,975 SF
Financed 11/02/2021
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FINANCED

ConnectOne Bank Provides $18.4M Construction Loan For Multifamily Property In Orange, NJ

49 South Day Street, Orange, NJ 07050

See Similar Deals
MultiFamily69,975 SF
Financed 11/02/2021
Daniel Cohen
Tal Savariego
PE
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$263
Total Square Footage:69,975 SF
Transaction Type:Loan

Located at 49 South Day Street in Orange, NJ, this multifamily property consists of 99 units and spans a total square footage of 69,975. The property was recently involved in a closed transaction, with a loan provided by ConnectOne Bank for a construction project. The loan amount for this project was $18,400,000.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $18,400,000
  • Address: 49 South Day Street
  • Market: Orange, NJ
  • Square Footage: 69,975
  • Units: 99

The landlord of this property is PEEK Properties, represented by Phil Evanski and Manny Klein. The brokers responsible for facilitating the transaction are Daniel Cohen and Tal Savariego from Meridian Capital Group.

Players

Tal Savariego
Iron Hound Management Company
Tal Savariego
14 deals$532.7M volume(646) 795-5426
BROKER
Daniel Cohen
Meridian Capital Group
Daniel Cohen
13 deals$364.6M volume(212) 612-0285
BROKER
ConnectOne Bank
ConnectOne Bank
LENDER
PE
Phil Evanski
2 deals$39.4M volume
LANDLORD
PP
PEEK Properties
LANDLORD

Details

FINANCED
IMAGE: Phil Evanski, Manny Klein, Tal Savariego & Daniel Cohen DATE: 11/02/2021 ADDRESS: 49 South Day Street MARKET: Orange, NJ ASSET TYPE: Multifamily ~ SF: 69,975 ~ UNITS: 99 LENDER: ConnectOne Bank LANDLORD: PEEK Properties - Phil Evanski & Manny Klein BROKERS: Daniel Cohen & Tal Savariego - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $18,400,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$18,400,000.00

Monthly NOI$122,666.67
Monthly Debt Service$116,300.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00