Somerset Regal Bank Provides $12.25 Million Refinance Loan For Multifamily Asset In Orange
FINANCED
$12,250,000
New Jersey
See Similar DealsMultiFamily2 SF
Financed 08/06/2024
FINANCED
Somerset Regal Bank Provides $12.25 Million Refinance Loan For Multifamily Asset In Orange
150 Cleveland Street & 366 Park Avenue
See Similar DealsMultiFamily2 SF
Financed 08/06/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$6,125,000
Total Square Footage:2 SF
Transaction Type:Loan
The property asset involved in the transaction consists of multifamily units located at 150 Cleveland Street & 366 Park Avenue in the Orange market, comprising a total of 134 units. The loan amount secured for this refinance transaction is $12,250,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,250,000
- Lender: Somerset Regal Bank
- Broker: Russ Drebin - Meridian Capital Group
- Loan Type: Refinance
The transaction was facilitated by Russ Drebin from Meridian Capital Group, representing the interests tied to the refinancing of the property. Somerset Regal Bank provided the financing for the deal, emphasizing the collaboration between these key entities during the transaction process.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$12,250,000.00
Monthly NOI$81,666.67
Monthly Debt Service$77,428.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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