Updated Mar 11, 2025
Lakeland Bank Provides $14M Construction Loan For Multifamily Property In Plainfield
829 South Avenue, Plainfield, NJ, USA
$14,000,000
$1,830/SF
Building Size
7,649 SF
Asset Type
MultiFamily
Closing
Jan 31, 2021
About this deal
AI
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.
On the Map
$14,000,000
$1,830/SF
MultiFamily
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Players
Plainfield 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93