Local New Jersey Family Secures $9.1 Million Loan From First Horizon Bank For 49-Unit Multifamily

The asset involved in this transaction is a multifamily property located at 54 North Main Street in Wharton, NJ, consisting of 49 units. The acquisition financing arranged for this property was valued at $9,100,000 with a loan type categorized as acquisition, and it features a term of 5 years.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,100,000
• Lender: First Horizon Bank
• Loan Type: Acquisition
• Loan Terms: 5 Years
• Address: 54 North Main Street
• Market: Wharton
• Units: 49
• Brokers: Jared Sobel, Mike Alexander, Scott Kummings & Ben Daniels - Raven Property Advisors

The financing was exclusively arranged by Raven Property Advisors on behalf of a local New Jersey family. The loan was structured with four years of interest-only payments during the initial five-year term, along with a five-year extension option, providing flexibility for ownership and optimal cash flow management.