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Spencer Savings Bank Provides $9.8M Construction Loan For Multifamily Property At 70 Fisk St, Jersey City

Property Image
FINANCED
$9,775,000
Max Custer
Thomas E. Didio, Jr

New Jersey

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MultiFamily
Financed 08/12/2022
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Property Image
FINANCED

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

See Similar Deals
MultiFamily
Financed 08/12/2022
Max Custer
Thomas E. Didio, Jr
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

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

Thomas E. Didio, Jr
JLL
Thomas E. Didio, Jr
43 deals$2.9B volume
BROKER
Max Custer
JLL
Max Custer
36 deals$790M volume
BROKER
Spencer Savings Bank
Spencer Savings Bank
LENDER

Details

FINANCED
IMAGE: Max Custer & Thomas E. Didio, Jr DATE: 08/12/2022 ADDRESS: 70 Fisk Street MARKET: Jersey City ASSET TYPE: Multifamily ~ UNITS: 44 LENDER: Spencer Savings Bank LANDLORD: 70 Fisk, LLC BROKERS: Max Custer & Thomas E. Didio, Jr. - JLL Capital Markets LOAN AMOUNT: $9,775,000 LOAN TYPE: Construction Loan LOAN TERMS: 2.5-year, floating-rate

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$9,775,000.00

Monthly NOI$65,166.67
Monthly Debt Service$61,784.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00