Verus Commercial Real Estate Finance Provides $13.3M Bridge Loan For North Arlington Multifamily Property
FINANCED
$13,275,000
New Jersey
See Similar DealsMultiFamily7,799 SF
Financed 08/16/2021
FINANCED
Verus Commercial Real Estate Finance Provides $13.3M Bridge Loan For North Arlington Multifamily Property
77 Ridge Rd, North Arlington, NJ, USA
See Similar DealsMultiFamily7,799 SF
Financed 08/16/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$1,702
Total Square Footage:7,799 SF
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$13,275,000.00
Monthly NOI$88,500.00
Monthly Debt Service$83,907.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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