FINANCEDMultiFamily
Black Bear Capital Partners (“BBCP”) is pleased to announce the successful closing of a $3,850,000 construction loan for the development of an 18-unit multifamily property located in Belleville, NJ.
67-71 Cortlandt Street
$3,850,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 2, 2026
AI
A construction loan has been successfully closed to finance the development of an 18-unit multifamily property located at 67-71 Cortlandt Street in Belleville, New Jersey. The loan amount is $3,850,000, structured as a two-year, floating-rate loan with full-term interest-only payments.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,850,000
- Lender: S3 Capital
- Landlord: ICON Construction
- Capital Market Advisors: Emil DePasquale - Black Bear Capital Partners
- Loan Type: Construction
- Loan Terms: Two-year, floating-rate loan with full-term interest-only payments
The financing arrangement was facilitated by Emil DePasquale of Black Bear Capital Partners, representing the capital market advisors in this transaction. This structure aims to support the comprehensive development of the multifamily asset.
Players
Belleville 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
4.12%
Cash-on-Cash
-1.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93