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Berkadia Secures $29 Million Loan For Multifamily Portfolio Of 568 Units In New Jersey
FINANCED
$29,000,000
+ 1
New Jersey
See Similar DealsMultiFamily
Financed 09/30/2024
FINANCED
Berkadia Secures $29 Million Loan For Multifamily Portfolio Of 568 Units In New Jersey
MultiFamily
Financed 09/30/2024
+ 1
Summary
Asset Type:MultiFamily
Transaction Type:Loan
A multifamily portfolio consisting of 568 units is located in Northern New Jersey, specifically in Bound Brook and Hackensack. The properties were constructed between 2014 and 2019, reflecting modern multifamily living standards. The transaction involved a loan amount of $29 million, designated for recapitalization purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $29,000,000
- Units: 568
- Market: New Jersey
- Loan Type: Recapitalization
- Brokers: Chinmay Bhatt, Cody Kirkpatrick, Matthew Tu & Noam Franklin - Berkadia
The recapitalization effort was managed by Berkadia, with involvement from team members Noam Franklin and Cody Kirkpatrick. However, specifics regarding the sponsor and the new equity partner in the transaction remain undisclosed.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$29,000,000.00
Monthly NOI$193,333.33
Monthly Debt Service$183,299.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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