Updated Oct 28, 2024
Spencer Savings Bank Provides $9.8M Construction Loan For Multifamily Property At 70 Fisk St, Jersey City
70 Fisk Street, Jersey City, New Jersey 07305, United States
$9,775,000
Units
44
Asset Type
MultiFamily
Closing
Aug 11, 2022
About this deal
AI
The multifamily property located at 70 Fisk Street in Jersey City has recently undergone a closed transaction. This property consists of 44 units, making it an attractive investment opportunity in the market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,775,000
- Address: 70 Fisk Street, Jersey City
- Market: Jersey City
- Lender: Spencer Savings Bank
- Landlord: 70 Fisk, LLC
- Brokers: Max Custer & Thomas E. Didio, Jr. from JLL Capital Markets
- Loan Type: Construction Loan
- Loan Terms: 2.5-year, floating-rate
The financing for this transaction was provided by Spencer Savings Bank in the form of a construction loan. Max Custer & Thomas E. Didio, Jr. from JLL Capital Markets represented the buyer in this deal, 70 Fisk, LLC. This loan offers flexibility with a floating rate over a period of 2.5 years, catering to the needs of the project.
Players
Jersey City 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