Updated Oct 29, 2024
Goldcrest Management Acquires 272-Unit Multifamily Portfolio In New Castle, DE And Vineland, NJ For $37.5M With Greystone Loan
729 East Chestnut Avenue, Vineland, NJ, USA
$37,511,000
Units
272
Asset Type
MultiFamily
Closing
Jan 31, 2021
About this deal
AI
A multifamily property located at 505 W 7th St, 52 S East Ave, and 729 E Chestnut Ave in New Castle, Delaware and Vineland, New Jersey recently closed for a loan transaction. The property consists of 272 units and was owned by Goldcrest Management.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $37,511,000
- Loan Terms: 12-year term with a 30-year amortization and five years of interest-only payments
The loan for this transaction was provided by greystone''>Greystone, with Dan Sacks serving as the representative from the lending company. The deal was facilitated by Jack Miller from Platinum Capital Group, who acted as the broker in this transaction.
This loan transaction highlights the successful collaboration between Goldcrest Management, Greystone, and Platinum Capital Group. The 12-year term and attractive loan terms provide a favorable financing option for Goldcrest Management to continue managing this multifamily property effectively.
Players
Vineland 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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93