Skyline Development Group Secures $55.5M Construction Loan For Multifamily Property In North Bergen, New Jersey
FINANCED
$55,500,000
New Jersey
See Similar DealsMultiFamily125,000 SF
Financed 08/06/2019
FINANCED
Skyline Development Group Secures $55.5M Construction Loan For Multifamily Property In North Bergen, New Jersey
8701 Churchill Road
See Similar DealsMultiFamily125,000 SF
Financed 08/06/2019
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$444
Total Square Footage:125,000 SF
Transaction Type:Loan
The multifamily property located at 8701 Churchill Rd in North Bergen, New Jersey has recently undergone a closed transaction. The property, spanning 125,000 square feet, is owned by Skyline Development Group and was financed through a construction loan provided by Mosaic Real Estate Credit. The loan amount for this transaction was $55,500,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $55,500,000
- Lender: Mosaic Real Estate Credit – Vicky Schiff
- Landlord: Skyline Development Group – Louis Mont
- Market: North Bergen, New Jersey
- Address: 8701 Churchill Rd
Vicky Schiff from Mosaic Real Estate Credit served as the lender for this construction loan, while Louis Mont represented Skyline Development Group as the landlord. The deal involved various individuals including Jonathan Aghravi, Eli Terry, Louis Mont, Vicky Schiff, and Charles Han.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$55,500,000.00
Monthly NOI$370,000.00
Monthly Debt Service$350,797.75
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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