Meridian Capital Group Arranges $30.1M Construction Loan For Multifamily Property In Newark | 59-65 Mc Whorter Street | Israel Mermelstein | MultiFamily | Loan

Summary

Loan

NEW JERSEY

MultiFamily

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.

Players

All
2

Agents
1
Agencies
1

Israel Mermelstein

Associate

Meridian Capital Group

Details

Deal Summary

FINANCED

IMAGE: Israel Mermelstein DATE: 10/29/2023 ADDRESS: 59-65 Mc Whorter Street MARKET: Newark ASSET TYPE: Multifamily BROKER: Israel Mermelstein (@SrulyMermelstein) - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $30,100,000 LOAN TYPE: Construction LOAN TERMS: 70% LTC | 3.40% + SOFR

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Address59-65 Mc Whorter Street

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