Updated Mar 3, 2026
Banco Popular Provides $21.5M Construction Loan For Multifamily Property In Belleville, NJ
740 Washington Avenue
$21,500,000
$142/SF
Building Size
151,321 SF
Asset Type
MultiFamily
Closing
Nov 6, 2023
About this deal
AI
The property asset involved in this transaction is a multifamily building located at 740 Washington Avenue in Belleville, NJ. The asset encompasses a total square footage of 151,321 and comprises 114 residential units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $21,500,000
- Loan Amount: $21,500,000
- Loan Type: Construction
- Lender: Banco Popular
- Address: 740 Washington Avenue
- Market: Belleville, NJ
- Brokers: Daniel Cohen & Tal Savariego - Meridian Capital Group
Representing the deal are brokers Daniel Cohen and Tal Savariego from Meridian Capital Group, facilitating the loan transaction with Banco Popular for the property located at 740 Washington Avenue.
On the Map
$21,500,000
$142/SF
MultiFamily
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Players
Belleville 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
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93