Banco Popular Provides $21.5M Construction Loan For Multifamily Property In Belleville, NJ
FINANCED
$21,500,000
New Jersey
See Similar DealsMultiFamily151,321 SF
Financed 11/06/2023
FINANCED
Banco Popular Provides $21.5M Construction Loan For Multifamily Property In Belleville, NJ
740 Washington Avenue
See Similar DealsMultiFamily151,321 SF
Financed 11/06/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$142
Total Square Footage:151,321 SF
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$21,500,000.00
Monthly NOI$143,333.33
Monthly Debt Service$135,894.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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