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Benmark Capital Provides $73.5M Bridge Loan For Multifamily Buildings In Elizabeth, NJ

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FINANCED
$73,500,000

New Jersey

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MultiFamily
Financed 02/28/2024
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Property Image
FINANCED

Benmark Capital Provides $73.5M Bridge Loan For Multifamily Buildings In Elizabeth, NJ

907 East Jersey Street & 931 East Jersey Street

See Similar Deals
MultiFamily
Financed 02/28/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

The loan, collateralized by two stunning six-story residential rental buildings located at 907-931 East Jersey Street in Elizabeth, NJ, boasts a loan amount of $73,500,000. The properties include a shared amenity building and a spacious 550-space parking structure, offering a total of 274 units and a luxury amenity building for residents.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $73,500,000
  • Lender: Benmark Capital - Joe Moser & Mark Simon
  • Loan Type: Bridge
  • Loan Terms: Both buildings have obtained their certificate of occupancy, ensuring a premium living experience.
  • Market: Elizabeth, NJ

Benmark Capital, represented by Joe Moser & Mark Simon, is a premier balance sheet lender based in Miami, actively financing bridge loans along the East Coast. For loan inquiries, you can reach out via email at [email protected].

Players

Joe Moser
Joe Moser
10 deals$220.2M volume
BROKER
Benmark Capital
Benmark Capital
BROKERAGE
Benmark Capital
Benmark Capital
LENDER

Details

FINANCED
IMAGE: Joe Moser & Mark Simon DATE: 02/28/2024 ADDRESS: 907-931 East Jersey Street MARKET: Elizabeth, NJ ASSET TYPE: Multifamily LENDER: Benmark Capital - Joe Moser & Mark Simon LOAN AMOUNT: $73,500,000 LOAN TYPE: Bridge LOAN TERMS: The loan, collateralized by two stunning six-story residential rental buildings, complete with a shared amenity building and a spacious 550-space parking structure, is a testament to the quality and potential of the properties involved. With both buildings having already obtained their certificate of occupancy, the project comprises a total of 274 units and a luxury amenity building, offering a premium living experience for residents. NOTE FROM LENDER: Benmark Capital is one of Miami's premiere balance sheet lenders and is actively financing bridge loans across the East Coast. Reach out today to quote your next deal. Loan inquiries 📲 Email: [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$73,500,000.00

Monthly NOI$490,000.00
Monthly Debt Service$464,570.00
Change in Cash Flow$0.00
Refinance Proceeds$0.00