Spirit Bascom Ventures Acquires Multifamily Asset In Hoboken For $15.5M
SOLD
$15,500,000
New Jersey
See Similar DealsMultiFamily
Sold 01/23/2019
SOLD
Spirit Bascom Ventures Acquires Multifamily Asset In Hoboken For $15.5M
204 Grand St, Hoboken, NJ, 07030
See Similar DealsMultiFamily
Sold 01/23/2019
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
The 30-unit apartment building located at 204 Grand St in Hoboken, NJ, 07030 has been acquired by Spirit Bascom Ventures for $15.5 million. Built in 2000, this six-story property features a mix of one- and two-bedroom apartments.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $15,500,000.00
- Market: Hoboken
- Seller's Representative: Manveer "Manny" Sanghera(Veerman Asset Management), Nat Gambuzza(Berkadia)
- Buyer: Spirit Bascom Ventures
Nat Gambuzza and Manny Sanghera of CBRE served as the Seller's Representatives, facilitating the undisclosed seller's side of the transaction. Jamie Leachman from HFF was instrumental in arranging acquisition financing for Spirit Bascom through Citizens Bank.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$826,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,068.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,477.91
Annual Debt Service$881,734.89
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