Updated Jun 15, 2026
Joe Berko Of Astor Realty Capital Provides $23.25M Construction Loan For Newark Multifamily Project
$23,250,000
Building Size
—
Asset Type
MultiFamily
Closing
May 14, 2026
About this deal
AI
The transaction involves a multifamily asset located in Newark, with a loan amount of $23,250,000 secured for construction purposes. The loan is categorized under a stretch senior construction loan intended for a project consisting of 108 apartment rentals.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $23,250,000
- Loan Type: Construction
- Loan Terms: 2 Years
- Lender: Joe Berko - Astor Realty Capital
Joe Berko, representing Astor Realty Capital, is the lender facilitating the construction loan for this multifamily project. The loan is designed to support the development of rental apartments, contributing to the housing market in Newark.
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
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93