Updated Oct 28, 2024
ConnectOne Bank Provides $18.4M Construction Loan For Multifamily Property In Orange, NJ
49 South Day Street, Orange, NJ 07050
$18,400,000
$263/SF
Building Size
69,975 SF
Asset Type
MultiFamily
Closing
Nov 2, 2021
About this deal
AI
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
Orange 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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93