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Echevarria Industries Secures $9.8M Construction Loan For 36-Unit Multifamily Development In Guttenberg, NJ

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FINANCED
$9,800,000

New Jersey

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MultiFamily
Financed 06/10/2022
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FINANCED

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

See Similar Deals
MultiFamily
Financed 06/10/2022
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

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

Emil DePasquale
Black Bear Capital Partners
Emil DePasquale
88 deals$2.2B volume
BROKER
Peoples Security Bank & Trust
Peoples Security Bank & Trust
LENDER
EI
Echevarria Industries
LANDLORD

Details

FINANCED
IMAGE: Emil DePasquale DATE: 06/10/2022 ADDRESS: 6806-10 Polk Street MARKET: Guttenberg, NJ ASSET TYPE: Multifamily ~ UNITS: 36 LENDER: People's Security Bank LANDLORD: Echevarria Industries BROKER: Emil DePasquale - Black Bear Capital Partners (@BlackBearCapitalPartners) LOAN AMOUNT: $9,800,000 LOAN TYPE: Construction LOAN TERMS: The construction of the 36-unit ground-up development was financed with a 7-year fixed rate loan at 75% LTC and features the first 24 months interest-only during the construction period.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$9,800,000.00

Monthly NOI$65,333.33
Monthly Debt Service$61,942.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00