Lakeland Bank Provides $14M Construction Loan For Multifamily Property In Plainfield
FINANCED
$14,000,000
New Jersey
See Similar DealsMultiFamily7,649 SF
Financed 02/01/2021
FINANCED
Lakeland Bank Provides $14M Construction Loan For Multifamily Property In Plainfield
829 South Avenue, Plainfield, NJ, USA
See Similar DealsMultiFamily7,649 SF
Financed 02/01/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$1,830
Total Square Footage:7,649 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,000,000.00
Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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