Mario Echevarria Refinances Multifamily Property In West New York, NJ For $11.5M With PGIM Loan
6020 Hudson Ave, West New York, NJ 07093, USA
$11,500,000
$9,639/SF
Building Size
1,193 SF
Asset Type
MultiFamily
Closing
Mar 4, 2021
AI
The loan for a multifamily property located at 6020 Hudson Avenue in West New York, NJ has been refinanced. The property, known as "Hudson Hall", is a 7-story building with 35 luxury rental units. It offers amenities such as on-site parking with a car elevator and electric vehicle charging stations, a fitness center, a tenant lounge, a pool, and a rooftop terrace with views of the Manhattan skyline.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $11,500,000
- Loan Type: Refinance
- Loan Terms: The 15-year loan features a fixed interest rate of 3.445% and 6 years of interest-only payments
- Lender: PGIM
- Landlord: Mario Echevarria
- Broker: Emil DePasquale - Black Bear Capital Partners
The loan was provided by PGIM, and the landlord of the property is Mario Echevarria. The broker involved in the deal is Emil DePasquale from Black Bear Capital Partners.
Players
West New York 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
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93