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100 Schultz Drive

Morris Dweck Of KSR Secures $34M Refinance Loan For Red Bank Office
FINANCEDOffice

Morris Dweck Of KSR Secures $34M Refinance Loan For Red Bank Office

100 Schultz Drive

$34,000,000

Building Size

Asset Type

Office

Closing

May 1, 2024

AI

The new Red Bank Animal Hospital located at 100 Schultz Drive in Red Bank, NJ, is an office asset that recently underwent a refinancing deal. The loan secured for this property amounted to $34,000,000 with terms of 65% LTV, a 7/30 structure, 2 years interest-only, and an interest rate of 6.42%.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $34,000,000
  • Landlord: Crown Acquisitions & Paramount Realty
  • Broker: Morris Dweck - KSR
  • Loan Type: Refinance
  • Loan Terms: 65% LTV, 7/30, 2 years IO, 6.42%

Morris Dweck of KSR Capital played a significant role as the broker in securing the $34,000,000 loan for the Red Bank Animal Hospital owned by Crown Acquisitions & Paramount Realty. The property's ownership has executed a 20-year NNN lease agreement with National Veterinary Associates, leading to the entire building being occupied by them, marking it as one of the largest veterinary facilities in the country.

Players

Morris Dweck

Kassin Sabbagh Realty

Broker

$382.3M

vol

32 deals

Broker

Red Bank Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.47%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93