FINANCED
Bank Of America Provides $4.2M Purchase Loan For Office Building In Fairlawn
23-00 NJ-208
Office
Financed 1 year ago
Summary
Loan
NEW JERSEY
Office
A $4,200,000 purchase loan was secured for an office property located at 23-00 NJ-208 in Fairlawn. The lender for this transaction was Bank of America.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $4,200,000
- Address: 23-00 NJ-208, Fairlawn
- Market: Fairlawn
The loan terms for this transaction included a 5-year floating rate of 1.75 over BSBY, with 6 months interest-only on a 30-year amortization. The loan-to-value (LTV) ratio was set at 75% of the purchase price.
Jake Gluck from Fortune Capital Group represented the buyer as the broker in this deal. He was able to leverage his strong lending relationships to provide full leverage debt with favorable terms, including a strong spread and the option to fix the rate at any time.
Players
All
2
Agents
1
Agencies
1
Details
FINANCED
IMAGE: Jake Gluck
DATE: 07/28/2022
ADDRESS: 23-00 NJ-208
MARKET: Fairlawn
ASSET TYPE: Office
LENDER: Bank of America
BROKER: Jake Gluck (@LuckyJack87) - Fortune Capital Group
LOAN AMOUNT: $4,200,000
LOAN TYPE: Purchase Loan
LOAN TERMS: 5 Year Floating Rate 1.75 over BSBY. 6 Months IO on a 30 year Amortization. LTV - 75% of Purchase.
NOTE FROM BROKER: This was a complex building with some lease roll. We were able to leverage the strong lending relationships we have to provide full leverage debt, with a strong spread, and an option to fix the rate at any time.View on map
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Address23-00 NJ-208
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