Popular Bank Provides $22.8M Construction Loan For West New York Multifamily
FINANCED
$22,800,000
New Jersey
See Similar DealsMultiFamily275,380 SF
Financed
FINANCED
Popular Bank Provides $22.8M Construction Loan For West New York Multifamily
6205 Madison Street
See Similar DealsMultiFamily275,380 SF
Financed
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$82
Total Square Footage:275380 SF
Transaction Type:Loan
The multifamily property located at 6205-6215 Madison Street in West New York spans 137,690 square feet and consists of 80 units. The asset was involved in a recent transaction involving a construction loan.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $22,800,000
- Lender: Popular Bank
- Landlord: Mario Echevarria
- Broker: Paul Gilbert - Meridian Capital Group
- Loan Type: Construction Loan
The deal was facilitated by Paul Gilbert from Meridian Capital Group. Mario Echevarria serves as the landlord of the property. Popular Bank provided the $22,800,000 construction loan for this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$22,800,000.00
Monthly NOI$152,000.00
Monthly Debt Service$144,111.51
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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