Investors Bank Provides $21.6M Construction Loan For Gloucester City Multifamily Property
5 Meadow Lane, Gloucester City, NJ, USA
$21,625,000
$20,793/SF
Building Size
1,040 SF
Asset Type
MultiFamily
Closing
Dec 13, 2020
AI
A construction loan worth $21,625,000 was recently secured for a multifamily property located at 5 Meadow Lane in Gloucester City. The loan was provided by Investors Bank and offers favorable terms, including a fixed interest rate of 3.375% for 10 years. The loan has a 24-month interest-only period and a loan-to-value (LTV) ratio of 70%. The amortization period is set at 30 years.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $21,625,000
- Address: 5 Meadow Lane
- Market: Gloucester City
- Lender: Investors Bank
- Landlord: Irv Cyzner - Cyzner Properties
- Broker: Kathy Anderson - Progress Capital
Under the ownership of Irv Cyzner of Cyzner Properties, this multifamily property secured a construction loan, enabling the development or renovation of the asset. Represented by Kathy Anderson of Progress Capital, the deal was successfully facilitated. The loan terms offered by Investors Bank provide favorable conditions for the buyer, with a competitive fixed interest rate and a comfortable LTV ratio.
Players
Gloucester 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
0.73%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93