Updated Oct 28, 2024
National Life Group Provides $10.5M Refinancing Loan For Fairfield Multifamily Property
74 Passaic Avenue, Fairfield, NJ, USA
$10,500,000
$12,899/SF
Building Size
814 SF
Asset Type
MultiFamily
Closing
Nov 10, 2021
About this deal
AI
The multifamily property located at 74 Passaic Ave in Fairfield has recently undergone a refinancing transaction. The property consists of 36 units and is owned by 74 Passaic Avenue LLC.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,500,000
- Date: 11/10/2021
- Address: 74 Passaic Ave
- Market: Fairfield
- Lender: National Life Group
- Landlord: 74 Passaic Avenue LLC
- Brokers: Michael Klein, Max Custer & Gerard Quinn - JLL
The loan obtained for the property was a 15-year, fixed-rate loan. Michael Klein, Max Custer, and Gerard Quinn from JLL represented the parties involved in the transaction.
Players
Fairfield MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Gerard Quinn to view all their deals.
Browse New Jersey multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.51%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93