Lakeland Bank Provides $14M Construction Loan For Multifamily Property In Plainfield | 829 South Avenue | Lakeland Bank | Brad Domenico | MultiFamily | Loan

Summary

Loan

NEW JERSEY

MultiFamily

7,649 sqft

829 South Avenue, located in Plainfield, has recently undergone a closed transaction involving a multifamily property. The deal was facilitated by Brad Domenico from Progress Capital, representing both the buyer and the seller. Lakeland Bank provided the financing for this transaction.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $14,000,000
Loan Terms: Construction Loan, 75% LTC, 2 Years I/O

The loan amount of $14,000,000 was secured from Lakeland Bank for the multifamily property at 829 South Avenue in Plainfield. This loan is specifically for construction purposes and offers a loan-to-cost ratio of 75%. The borrower has a two-year interest-only repayment period.

Players

All
3

Agents
1
Agencies
1
Lenders
1

$735.9M Sold

Details

Deal Summary

FINANCED

IMAGE: Brad Domenico DATE: 02/01/2021 ADDRESS: 829 South Avenue MARKET: Plainfield ASSET TYPE: Multifamily LENDER: Lakeland Bank BROKER: Brad Domenico (@domenico317) - Progress Capital (@progress.capital) LOAN AMOUNT: $14,000,000 LOAN TERMS: Construction Loan, 75% LTC, 2 Years I/O

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Address829 South Avenue

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