Updated Oct 28, 2024
Urby & Panepinto Properties Acquires 317-Unit Multifamily Property In Jersey City For $88.3M
532 Summit Avenue, Jersey City, New Jersey 07306, United States
$88,340,000
Units
316
Asset Type
MultiFamily
Closing
May 10, 2022
About this deal
AI
A non-recourse construction-to-permanent loan of $88,340,000 has been secured for a multifamily property located at 532 Summit Ave in Jersey City. The property consists of 317 units and is owned by Urby & Panepinto Properties.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $88,340,000
- Address: 532 Summit Ave, Jersey City
- Market: Jersey City
- Units: 317
- Landlord: Urby & Panepinto Properties
- Brokers: Thomas Didio & Thomas E. Didio Jr. - JLL
- Date: 05/11/2022
JLL brokers Thomas Didio & Thomas E. Didio Jr. represented the parties involved in this deal. Additional details about the terms and conditions of the loan were not provided.
Players
Jersey 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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93