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.
Red Bank Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
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