Updated Dec 6, 2024
The Bancorp Inc. Provides $14.7 Million Acquisition Loan For 80-Unit South Jersey Multifamily Property
$14,700,000
$83/SF
Building Size
175,546 SF
Asset Type
MultiFamily
Closing
Nov 22, 2024
About this deal
AI
The transaction involves a multifamily asset comprising 80 units with a total square footage of 175,546. It is located in the South Jersey market and has a loan amount of $14,700,000 for acquisition purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,700,000
- Market: South Jersey
- Lender: The Bancorp, Inc.
- Brokers: Abe Hirsch & Ben Himmel - Meridian Capital Group
- Loan Type: Acquisition
Abe Hirsch and Ben Himmel from Meridian Capital Group represented the lenders in this transaction. Their expertise facilitated the loan agreement that supports the acquisition of this multifamily asset.
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
1.08%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93