Updated Oct 28, 2024
Bank Of America Provides $4.2M Purchase Loan For Office Building In Fairlawn
23-00 New Jersey Highway 208
$4,200,000
Building Size
—
Asset Type
Office
Closing
Jul 28, 2022
About this deal
AI
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
Hawthorne Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Deal FAQ
Browse Hawthorne office loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.78%
Cash-on-Cash
-1.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93