Updated Oct 28, 2024
Echevarria Industries Secures $9.8M Construction Loan For 36-Unit Multifamily Development In Guttenberg, NJ
6806-10 Polk Street, Guttenberg, New Jersey 07093, United States
$9,800,000
Units
36
Asset Type
MultiFamily
Closing
Jun 9, 2022
About this deal
AI
The construction of a 36-unit multifamily development located at 6806-10 Polk Street in Guttenberg, NJ, has been funded with a $9,800,000 construction loan. The loan was provided by People's Security Bank and facilitated by Emil DePasquale of Black Bear Capital Partners. The 7-year fixed rate loan covers 75% of the loan-to-cost (LTC) ratio and includes a 24-month interest-only period during the construction phase.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,800,000
- Address: 6806-10 Polk Street, Guttenberg, NJ
- Market: Guttenberg, NJ
- Units: 36
Echevarria Industries, the landlord, will oversee the development of the multifamily property. The construction loan was secured by Emil DePasquale of Black Bear Capital Partners, who represented Echevarria Industries in the deal. The loan terms provide a 7-year fixed rate with interest-only payments for the first 24 months during the construction period.
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
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93