Colliers Arranges $52.5M Construction Loan For The Braddock Multifamily In North Bergen, NJ
FINANCED
$52,500,000
New Jersey
See Similar DealsMultiFamily165,247 SF
Financed 02/22/2023
FINANCED
Colliers Arranges $52.5M Construction Loan For The Braddock Multifamily In North Bergen, NJ
The Braddock (8619 Bergenline Avenue), The Braddock (8619 Bergenline Avenue), The Braddock (8619 Bergenline Avenue) & The Braddock (8619 Bergenline Avenue)
See Similar DealsMultiFamily165,247 SF
Financed 02/22/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$317
Total Square Footage:165,247 SF
Transaction Type:Loan
The Braddock, located at 8619 Bergenline Avenue in North Bergen, NJ, has recently undergone a closed property transaction. This multifamily asset spans across 165,247 square feet and comprises 135 units. The transaction involved a loan from Hall Structured Finance to Sanz management for a construction project.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $52,500,000
- Loan Type: Construction
- Loan Terms: 70% LTC
The brokers involved in this deal were Peter Nicoletti, Dylan Kane, and Zach Redding from Colliers. They represented the parties in the transaction, working alongside Hall Structured Finance as the lender and Sanz Management as the landlord.
Players
BROKERAGE
BROKERAGE
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$52,500,000.00
Monthly NOI$350,000.00
Monthly Debt Service$331,835.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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