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Meridian Capital Group Arranges $30.1M Construction Loan For Multifamily Property In Newark

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FINANCED
$30,100,000

New Jersey

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MultiFamily
Financed 10/29/2023
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Property Image
FINANCED

Meridian Capital Group Arranges $30.1M Construction Loan For Multifamily Property In Newark

59-65 Mc Whorter Street

See Similar Deals
MultiFamily
Financed 10/29/2023
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

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

Israel Mermelstein
Arrow Real Estate Advisors
Israel Mermelstein
15 deals$923.5M volume
BROKER

Details

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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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$30,100,000.00

Monthly NOI$200,666.67
Monthly Debt Service$190,252.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00