Updated Oct 28, 2024
NVN Properties Secures $8M Loan For Guttenberg Multifamily Development
6901-05 Madison Street, Guttenberg, NJ, USA
$8,000,000
$5,555/SF
Building Size
1,440 SF
Asset Type
MultiFamily
Closing
Jun 15, 2020
About this deal
AI
A 6-story ground-up luxury multifamily development located at 6901-05 Madison Street in Guttenberg, NJ, has been involved in a recent transaction. The property consists of 32 units and offers various amenities, including a green rooftop terrace, community lounge, beautifully appointed lobby, and common areas. Additionally, there is a two-floor parking garage available for residents. The transaction involved a loan from Investors to NVN Properties.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Lender: Investors
- Landlord: NVN Properties
- Broker: Emil DePasquale - BlackBearCapitalPartners
Emil DePasquale, representing BlackBearCapitalPartners, played a key role in facilitating the transaction. The loan terms for the $8,000,000 loan involved a 2-year term, with a floating interest rate of prime + 1.00%. The loan features a 4.75% floor and requires full-term interest-only payments.
West New York 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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93