Walker & Dunlop Arranges $82.5M Loan For Newark Office Property With CTL Capital As Lender
FINANCED
$82,500,000
+ 2
New Jersey
See Similar DealsOffice5,000,000 SF
Financed 06/22/2020
FINANCED
Walker & Dunlop Arranges $82.5M Loan For Newark Office Property With CTL Capital As Lender
11 Centre Place, Newark, NJ 07102, USA
See Similar DealsOffice5,000,000 SF
Financed 06/22/2020
+ 2
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$16
Total Square Footage:5,000,000 SF
Transaction Type:Loan
Located at 11 Centre Place in Newark, N.J., this office property was involved in a recent closed transaction. The property spans over 500,000 square feet and is owned by The Claremont Group.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $82,500,000
- Address: 11 Centre Place, Newark, N.J
- Market: Newark, N.J
- Lender: CTL Capital
- Loan Terms: The loan has a 21.5-year term, maturing in line with a recently renewed 20-year lease signed by the U.S. General Services Administration (GSA). The loan carries an interest rate of sub-3 percent and includes six years of interest-only payments.
The transaction was facilitated by brokers Aaron Appel, Keith Kurland, Jonathan, Adam Schwartz, Michael Diaz, and Michael Ianno of Walker & Dunlop.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$82,500,000.00
Monthly NOI$550,000.00
Monthly Debt Service$521,456.12
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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