Sergio Guzman Acquires Multifamily Asset In Jersey City From Susan Blanchard For $1.475M

The asset involved in this transaction is a multifamily property located at 96 Terrace Avenue in the Jersey City market. The sale price for the property was $1,475,000, encompassing a total square footage of 7,000, which calculates to a price per square foot of $210.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,475,000
• Buyer: Sergio Guzman, Serg the Builder
• Seller: Susan Blanchard
• Buyer's Representative: Edward Munoz - Keller Williams City Life Realty
• Seller's Representative: Laura Skolar-Gamarello - Corcoran Sawyer Smith
• Loan Terms: Acquisition LTV: 88.5%
• Renovation Budget: 100%
• Total Loan Amount: $2,100,580
• Interest Rate: 10.99% I/O
• Loan Term: 12 Month Bridge Loan

Edward Munoz from Keller Williams City Life Realty represented the buyer, while Laura Skolar-Gamarello from Corcoran Sawyer Smith represented the seller in this transaction. Bridgemen Capital facilitated the financing with a focus on achieving expedient and favorable terms for their clients.