Updated Oct 19, 2026
Hanover Bank Provides $1.765M Acquisition Loan For Multifamily Property In Hamburg, NJ
62 King Cole Road, Hamburg, New Jersey 07419, United States
$1,765,000
Units
14
Asset Type
MultiFamily
Closing
Nov 25, 2022
About this deal
AI
The acquisition of a 14-unit multifamily property located at 62 King Cole Road in Hamburg, NJ was recently financed with a $1,765,000 loan from Hanover Bank. The property, situated in the vibrant Hamburg market, offers a valuable investment opportunity.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,765,000
- Units: 14
- Market: Hamburg, NJ
Brandon Harris of Black Bear Capital Partner represented the buyer in this acquisition deal, showcasing their expertise in the real estate industry.
The loan obtained for this transaction is an acquisition loan with a fixed-rate of 5.60% and a term of 5 years. The loan features 12 months of interest-only payments, followed by a 30-year amortization schedule. Additionally, a flexible prepayment penalty applies. The financing provided by Hanover Bank ensures the successful completion of this multifamily property acquisition.
On the Map
$1,765,000
MultiFamily
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Players
Hamburg 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
8.99%
Cash-on-Cash
-2.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93