Meridian Capital Group Arranges $30.1M Construction Loan For Multifamily Property In Newark
59-65 Mc Whorter Street
$30,100,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 29, 2023
AI
The property involved in this transaction is a multifamily asset located at 59-65 Mc Whorter Street, Newark. The deal was facilitated by Israel Mermelstein from Meridian Capital Group, who served as the broker representative.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $30,100,000
- Loan Type: Construction
- Loan Terms: 70% LTC | 3.40% + SOFR
The construction loan for this property amounted to $30,100,000. The loan type is construction, and it is structured with terms of 70% loan-to-cost (LTC) and an interest rate of 3.40% plus SOFR.
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93