Lakeland Bank Provides $1.4M Acquisition Loan For Multifamily Property On Poplar Avenue Deal, NJ
FINANCED
$1,400,000
New Jersey
See Similar DealsMultiFamily6,000 SF
Financed 01/03/2023
FINANCED
Lakeland Bank Provides $1.4M Acquisition Loan For Multifamily Property On Poplar Avenue Deal, NJ
88 Poplar Avenue
See Similar DealsMultiFamily6,000 SF
Financed 01/03/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$233
Total Square Footage:6,000 SF
Transaction Type:Loan
The multifamily property located at 88 Poplar Avenue in Deal, NJ has recently undergone a loan transaction. The property spans approximately 6,000 square feet and is situated in a desirable market.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $1,400,000
- Address: 88 Poplar Avenue, Deal, NJ
- Market: Deal, NJ
- Lender: Lakeland Bank
- Broker: Jake Gluck – Fortune Capital Group
- Loan Type: Acquisition Loan
The loan amount secured for this transaction was $1,400,000. Lakeland Bank served as the lender, providing the necessary funds for the acquisition. Jake Gluck, representing Fortune Capital Group, acted as the broker for this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$1,400,000.00
Monthly NOI$9,333.33
Monthly Debt Service$8,848.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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