North River Partners Provides $31.5 Million Bridge Loan For Long Branch Multifamily Project
FINANCED
$31,500,000
New Jersey
See Similar DealsMultiFamily1 SF
Financed 11/19/2024
FINANCED
North River Partners Provides $31.5 Million Bridge Loan For Long Branch Multifamily Project
MultiFamily1 SF
Financed 11/19/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$31,500,000
Total Square Footage:1 SF
Transaction Type:Loan
The transaction involved a multifamily asset located in Long Branch. The deal was characterized by a bridge loan amounting to $31,500,000 to facilitate construction completion and lease-up.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $31,500,000
- Lender: Sean Roberston & Jeff Rosenfeld - North River Partners
- Brokers: Michael Horowitz, Jordan Horowitz & Nick Barbato - Cooper Horowitz
- Loan Type: Bridge
North River Partners provided the construction completion and lease-up loan, effectively closing pre-TCO. The brokers involved played a crucial role in facilitating the transaction within the Long Branch market.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$31,500,000.00
Monthly NOI$210,000.00
Monthly Debt Service$199,101.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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