FINANCED
Echevarria Industries Secures $9.8M Construction Loan For 36-Unit Multifamily Development In Guttenberg, NJ
6806-10 Polk Street
MultiFamily
Financed 1 year ago
Summary
Loan
NEW JERSEY
MultiFamily
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.
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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.View on map
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Address6806-10 Polk Street
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