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

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.