Updated Oct 28, 2024
Spencer Savings Bank Provides $4.2M Construction Loan For Guttenberg Multifamily Property
6800 Polk Street, Guttenberg, NJ, USA
$4,233,500
Units
16
Asset Type
MultiFamily
Closing
Oct 29, 2021
About this deal
AI
An construction loan has been secured by Echevarria Properties for a multifamily building located at 6800 Polk Street in Guttenberg, NJ. The property consists of 16 units and is expected to undergo construction with the help of the loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,233,500
- Loan Type: Construction loan
- Loan Terms: The 2-year floating rate loan will have interest-only payments for the full term.
The lender providing the loan is Spencer Savings Bank. Representing Echevarria Properties in this deal is Emil DePasquale from BlackBearCapitalPartners.
This loan will enable Echevarria Properties to finance the construction of a 16-unit multifamily building. With a 2-year floating rate loan and interest-only payments, the project can move forward smoothly. Spencer Savings Bank has played a crucial role in providing the necessary funds for this development. Emil DePasquale from BlackBearCapitalPartners has served as the broker for Echevarria Properties throughout this transaction.
On the Map
$4,233,500
MultiFamily
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Players
West New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.75%
Cash-on-Cash
-1.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93