Updated Oct 2, 2026
Rich Shlakman Secures $12.5 Million Construction Loan For 49 Unit Development In Belleville
Belleville Avenue
$12,500,000
$296/SF
Building Size
42,226 SF
Asset Type
MultiFamily
Closing
Sep 28, 2026
About this deal
AI
The property asset involved in the transaction is a multifamily development located at Washington Ave, Belleville, NJ. It consists of 49 units with a total square footage of 42,226. The loan for this construction project was provided by Spencer Savings Bank, amounting to $12,500,000, and it is situated in the Belleville market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,500,000
- Units: 49
- Square Footage: 42,226
- Address: Washington Ave, Belleville, NJ
- Market: Belleville
- Lender: Spencer Savings Bank
- Borrower: Rich Shlakman
- Broker: Alex Nemirovskiy - Ferm Capital
- Loan Type: Construction
The financing was specifically arranged for a development that includes 47 apartments and 2 commercial spaces. Alex Nemirovskiy from Ferm Capital facilitated the loan arrangement for this project.
On the Map
$12,500,000
$296/SF
MultiFamily
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Players
Belleville 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
1.27%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93