Spencer Savings Bank Refinances 195-Unit Multifamily Property In Guttenberg, NJ For $6.67M

The multifamily property located at 7000 Adams Street in Guttenberg, NJ consists of 195 units and was refinanced via a $6,675,000 loan provided by Spencer Savings Bank. The ground-up development underwent a refinancing process with a 12-month floating-rate loan. The terms of the loan include interest-only payments throughout the entire term.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,675,000
• Address: 7000 Adams Street
• Market: Guttenberg, NJ
• Lender: Spencer Savings Bank
• Landlord: Echevarria Properties
• Broker: Emil DePasquale - Black Bear Capital Partners
• Loan Type: Refinance
• Loan Terms: 12-month floating-rate loan with interest-only payments

Emil DePasquale of Black Bear Capital Partners represented the parties involved in the refinancing deal for the multifamily property. Echevarria Properties, the landlord, sought and secured the refinancing with Spencer Savings Bank, with the assistance of Emil DePasquale as the broker facilitating the transaction.