Denholtz Properties Acquires Broad Street Office/Storefront Retail In Red Bank, NJ For $9.09M Loan
133 Broad Street, Red Bank, New Jersey 07701, United States
$9,090,000
$341/SF
Building Size
26,584 SF
Asset Type
Office
Closing
Aug 15, 2022
AI
Denholtz Properties has secured a $9,090,000 loan from TriState Capital Bank for the acquisition and renovation of an office/storefront retail property located at 133, 140-148 Broad Street in Red Bank, NJ. The property spans a total area of 26,584 square feet.
Summary of transaction details
- Property Type: Office/Storefront Retail
- Transaction Amount: $9,090,000
- Address: 133, 140-148 Broad Street
- Market: Red Bank, NJ
- Lender: TriState Capital Bank
- Landlord: Denholtz Properties - Steven Denholtz
- Broker: Kathy Anderson - Progress Capital
Steven Denholtz, the representative from Denholtz Properties, and Kathy Anderson from Progress Capital played key roles in the deal. The loan provided by TriState Capital Bank will be used for the acquisition and renovation of the property.
Players
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
1.75%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93