Progress Capital Arranges $25M Refinance Loan For Multifamily Property In Gloucester City, NJ
FINANCED
$25,000,000
New Jersey
See Similar DealsMultiFamily
Financed 04/13/2022
FINANCED
Progress Capital Arranges $25M Refinance Loan For Multifamily Property In Gloucester City, NJ
5 Meadow Ln, Gloucester City, New Jersey 08030, United States
See Similar DealsMultiFamily
Financed 04/13/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 5 Meadow Lane in Gloucester City, NJ has recently undergone a refinancing transaction. The property consists of 143 units, making it a significant asset in the market. The loan for this transaction was provided by Investor Savings Bank, with a loan amount of $25,000,000. The terms of the loan include a 7-year fixed rate.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $25,000,000
- Address: 5 Meadow Lane, Gloucester City, NJ
- Market: Gloucester City, NJ
- Units: 143
The landlord of the property is Irv Cyzner, while the lender for the refinancing loan is Investor Savings Bank. The broker who facilitated the transaction is Kathy Anderson from Progress Capital.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,000,000.00
Monthly NOI$166,666.67
Monthly Debt Service$158,017.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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