First Commerce Bank Provides $7.14 Million Loan For 299 Cherry Hill Road Office Acquisition
FINANCED
$7,140,000
New Jersey
See Similar DealsOffice76,260 SF
Financed
FINANCED
First Commerce Bank Provides $7.14 Million Loan For 299 Cherry Hill Road Office Acquisition
299 Cherry Hill Road
See Similar DealsOffice76,260 SF
Financed
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$93
Total Square Footage:76260 SF
Transaction Type:Loan
The property located at 299 Cherry Hill Road in Parsippany is an office asset encompassing 76,260 square feet. The acquisition loan for this property was facilitated by First Commerce Bank, with a total loan amount of $7,140,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $7,140,000
- Asset Size: 76,260 SF
- Address: 299 Cherry Hill Road
- Market: Parsippany
- Lender: First Commerce Bank
- Brokers: Paul Gilbert & Meir Bienenfeld - Meridian Capital Group
- Loan Type: Acquisition
Paul Gilbert and Meir Bienenfeld from Meridian Capital Group represented the transaction, serving as brokers for the acquisition loan on the office property. Their involvement ensured the financing was secured through First Commerce Bank, facilitating the transaction process.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,140,000.00
Monthly NOI$47,600.00
Monthly Debt Service$45,129.66
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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