Updated Oct 28, 2024
Investors Bank Provides $3M Acquisition Loan For Multifamily Property In Elizabeth, NJ
744-746 Westfield Avenue, Elizabeth, NJ 07208, USA
$3,035,000
$176/SF
Building Size
17,220 SF
Asset Type
MultiFamily
Closing
Jun 3, 2020
About this deal
AI
Brad Domenico and Gabby Cali facilitated a loan for the acquisition of a multifamily property located at 744-746 Westfield Avenue and 860-862 Jersey Avenue in Elizabeth, NJ. The property is situated in a thriving market. The loan was provided by Investors Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,035,000
- Loan Type: Acquisition
The loan terms include a 10-year fixed rate with a 30-year amortization period. The loan is non-recourse, providing favorable conditions for the borrower. The landlord, Stuart Wainberg of Wainco Realty, represents the property interests.
Brad Domenico and Gabby Cali, representing Progress Capital, acted as the brokers in this deal. Their expertise contributed to the successful loan acquisition for the multifamily property in Elizabeth, NJ.
Players
Elizabeth 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
5.23%
Cash-on-Cash
-1.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93