New York Community Bank Provides $18.98M Acquisition Loan For Golden Apple Portfolio In North Bergen And West New York, NJ
FINANCED
$18,976,000
New Jersey
See Similar DealsMultiFamily
Financed 07/13/2023
FINANCED
New York Community Bank Provides $18.98M Acquisition Loan For Golden Apple Portfolio In North Bergen And West New York, NJ
118 74th St North Bergen, NJ 07047, USA
See Similar DealsMultiFamily
Financed 07/13/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
The Golden Apple Portfolio, located at 118 74th Street, 5111-5113 & 6000 Palisade Avenue, 6611 Broadway, 140 71st Street, 5206 Bergenline Avenue & 6000 Monroe Place, is a multifamily property consisting of 135 units. The property is situated in North Bergen, West New York, and Guttenberg, NJ.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $18,976,000
- Lender: New York Community Bank
- Brokers: Jacob Schmuckler & Meir Schlusselberg - Meridian Capital Group
- Loan Type: Acquisition
- Loan Terms: 6.25% with multiple years IO
Jacob Schmuckler and Meir Schlusselberg from Meridian Capital Group were the brokers representing the parties involved in the deal. New York Community Bank provided a loan of $18,976,000 for the acquisition of the Golden Apple Portfolio. The loan terms include an interest rate of 6.25% with multiple years of interest-only payments.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$18,976,000.00
Monthly NOI$126,506.67
Monthly Debt Service$119,941.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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