Domenick Tonacchio, Daniel Spiegel & Yehuda Kotkes Secure $62.5M Refinance Loan For Newark Multifamily
50 Sussex Avenue
$62,500,000
$361/SF
Building Size
173,041 SF
Asset Type
MultiFamily
Closing
Oct 4, 2024
AI
The property asset involved in this transaction is located at 50 Sussex Avenue in Newark, NJ, comprising a multifamily building with a total square footage of 173,041 and 203 units. The total loan amount secured for this asset is $62,500,000, classified as a refinance.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $62,500,000
- Address: 50 Sussex Avenue
- Market: Newark, NJ
- Asset Size: 173,041 SF
- Units: 203
- Lender: Aaron Krawitz - Bravo Capital
- Landlord: Domenick Tonacchio, Daniel Spiegel & Yehuda Kotkes
- Broker: Shlomo Weissberg - Meridian Capital Group
The key individuals involved in this transaction include Aaron Krawitz from Bravo Capital, serving as the lender, alongside landlords Domenick Tonacchio, Daniel Spiegel, and Yehuda Kotkes. The brokerage representation was provided by Shlomo Weissberg from Meridian Capital Group, facilitating this refinance transaction.
Players
Newark 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93