Procida Funding Provides $130M Construction Loan For 507-Unit Multifamily In Cherry Hill, NJ
FINANCED
$130,000,000
New Jersey
See Similar DealsMultiFamily250,205 SF
Financed 08/23/2021
FINANCED
Procida Funding Provides $130M Construction Loan For 507-Unit Multifamily In Cherry Hill, NJ
700 Citation Lane, Cherry Hill, NJ, USA
See Similar DealsMultiFamily250,205 SF
Financed 08/23/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$519
Total Square Footage:250,205 SF
Transaction Type:Loan
The Plaza Grande, located at 700 Citation Lane in Cherry Hill, NJ, has been involved in a recent transaction. This multifamily property spans across 250,205 square feet and consists of 507 units. The transaction took place on August 23, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $130,000,000
- Loan Type: Construction
Procida Funding, represented by Brian Foley, Mike Coen, and Derek Weissman, provided a loan for the transaction. The loan amount amounted to $130,000,000. Additionally, John Fasciano was the builder involved in the process. It's worth noting that the Plaza Grande is a 55 and older community.
Players
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$130,000,000.00
Monthly NOI$866,666.67
Monthly Debt Service$821,688.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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