Lauren O’Neil Of JLL Secures $28M Loan From People's United Bank
FINANCED
$28,000,000
New Jersey
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FINANCED
Lauren O’Neil Of JLL Secures $28M Loan From People's United Bank
20 Burlington Mall Road, Burlington...
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Summary
NEW JERSEY
Asset Type:Office
Transaction Type:Loan
Located in Burlington, a northwestern suburb of Boston, 10 and 20 Mall Road consist of two office buildings totaling 154,378 square feet. The $28 million acquisition loan was provided by People's United Bank, carrying a fixed interest rate and a 10-year term. 10 Mall Road encompasses 58,160 square feet and is currently leased to four tenants, while 20 Mall Road spans 96,218 square feet and houses around 20 tenants.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $28,000,000.00
- Address: 20 Burlington Mall Road, Burlington...
- Market: Bordentown
- Borrower's Rep: Lauren O’Neil (JLL)
- Lender: People's United Bank
Lauren O’Neil and Brett Paulsrud of JLL were the representatives who arranged the financing on behalf of the borrower, R.J. Kelly Co. The seller of the properties remains undisclosed.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$28,000,000.00
Monthly NOI$186,666.67
Monthly Debt Service$176,979.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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