Updated Dec 4, 2024
Echevarria Industries Secures $9.8 Million Construction Loan From Peoples Security In Guttenberg NJ
$9,800,000
$368/SF
Building Size
26,579 SF
Asset Type
MultiFamily
Closing
Jun 10, 2022
About this deal
AI
The asset involved in the transaction is a multifamily property located in Guttenberg, NJ. This property is part of a construction loan transaction with a total loan amount of $9,800,000, structured over three years with interest-only payments for the first twelve months and a 30-year amortization schedule.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,800,000
- Lender: Peoples Security
- Landlord: Echevarria Industries
- Loan Type: Construction
- Loan Terms: 3-year fixed-rate structure with 12 months of interest-only payments and a 30-year amortization schedule
- Brokers: Emil DePasquale & William McGovern - Black Bear Capital Partners
The deal features Emil DePasquale and William McGovern representing Black Bear Capital Partners as brokers in the transaction. Their involvement provides insights into the brokerage dynamics within the multifamily financing landscape.
Players
Market 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
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93