Berkadia Secures $29 Million Loan For Multifamily Portfolio Of 568 Units In New Jersey
$29,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 30, 2024
AI
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.
Players
Market 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
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93