Amboy Bank Provides $13.5M Construction Loan For 55-Unit Multifamily In Vernon
FINANCED
$13,500,000
New Jersey
See Similar DealsMultiFamily
Financed 03/20/2024
FINANCED
Amboy Bank Provides $13.5M Construction Loan For 55-Unit Multifamily In Vernon
7 Theta Drive
See Similar DealsMultiFamily
Financed 03/20/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
An apartment building with 55 units located at 7 Theta Drive in Vernon, NJ has secured a $13,500,000 construction loan from Amboy Bank. The landlord of the property is O'Neill Group, and the transaction was facilitated by Chaz Kauffman of C.H. Kauffman & Associates.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $13,500,000
- Address: 7 Theta Drive
- Market: Vernon
- Loan Type: Construction Loan
- Lender: Amboy Bank
- Landlord: O'Neill Group
- Broker: Chaz Kauffman - C.H. Kauffman & Associates
C.H. Kauffman & Associates, through broker Chaz Kauffman, successfully arranged the $13,500,000 construction to permanent loan for the 55-unit apartment building. For any commercial financing needs, inquiries can be directed to [email protected] or by calling C.H. Kauffman at 732-212-0333.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$13,500,000.00
Monthly NOI$90,000.00
Monthly Debt Service$85,329.18
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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