Updated Oct 28, 2024
Signature Bank Provides $23M Acquisition Loan For Legacy Lofts In Bayonne
676 Avenue East, Bayonne, New Jersey 07002, United States
$23,000,000
$172/SF
Building Size
133,350 SF
Asset Type
MultiFamily
Closing
Jun 30, 2022
About this deal
AI
The Legacy Lofts, located at 676-684 Avenue E in Bayonne, is a multifamily property with 71 units and a total square footage of 133,350. The property was acquired through a loan transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $23,000,000
- Loan Type: Acquisition
- Loan Term: 3.875% with multiple years IO
- Lender: Signature Bank
- Brokers: Jacob Schmuckler & Meir Schlusselberg - Meridian Capital Group
The loan of $23,000,000 for the acquisition of Legacy Lofts was provided by Signature Bank. Representing the deal were Jacob Schmuckler and Meir Schlusselberg from Meridian Capital Group.
Players
Bayonne 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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93