Verus Commercial Real Estate Finance Provides $13.3M Bridge Loan For North Arlington Multifamily Property
77 Ridge Rd, North Arlington, NJ, USA
$13,275,000
$1,702/SF
Building Size
7,799 SF
Asset Type
MultiFamily
Closing
Aug 15, 2021
AI
Located at 77 Ridge Rd in North Arlington, NJ, this closed transaction involved a multifamily property. The deal was finalized on August 16, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $13,275,000
- Address: 77 Ridge Rd, North Arlington, NJ
- Market: North Arlington, NJ
The lender in this transaction was Verus Commercial Real Estate Finance (VCREF), represented by Ken Wood. Robert Ranieri from NorthMarq acted as the broker.
This two-year bridge loan involved a total of 49 units within the property.
Players
North Arlington 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
1.19%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93