Northmarq Arranges $13M Refinance For The Opus In North Arlington
77 Ridge Rd North Arlington, Nj 07031, Usa
$13,000,000
Units
49
Asset Type
MultiFamily
Closing
Jul 21, 2023
AI
The Opus, a 49-unit multifamily property located at 77 Ridge Road in North Arlington, New Jersey, has secured a $13 million refinance loan. The loan was arranged by Robert Ranieri of Northmarq, a local bank. The property offers modern amenities and is conveniently situated near Manhattan and MetLife Stadium.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $13,000,000
- Address: 77 Ridge Road, North Arlington, New Jersey
- Market: North Arlington
- Broker: Robert Ranieri - Northmarq
- Loan Type: Refinance
- Loan Terms: 5-year term with 1-year interest only followed by a 29-year amortization schedule
Robert Ranieri of Northmarq played a key role in facilitating the $13 million refinance loan for The Opus. The multifamily property, offering modern amenities, is well-positioned near Manhattan and MetLife Stadium. The successful loan arrangement showcases the expertise and network of Robert Ranieri and Northmarq in the local banking and real estate market.
Players
New Jersey MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93