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5 Meadow Lane, Gloucester C...

Investors Bank Provides $21.6M Construction Loan For Gloucester City Multifamily Property
FINANCEDMultiFamily

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

Kathy Anderson

Cushman & Wakefield

Broker

$937.3M

vol

56 deals

Broker
Investors Bank
Investors BankLender

Irv Cyzner

Landlord

$50.4M

vol

3 deals

Landlord

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