OceanFirst Bank Provides $4.68M Loan For Office Acquisition In Woodbury, NJ
FINANCED
$4,680,000
New Jersey
See Similar DealsOffice52,129 SF
Financed 09/20/2021
FINANCED
OceanFirst Bank Provides $4.68M Loan For Office Acquisition In Woodbury, NJ
603 North Broad Street, Woodbury, NJ, USA
See Similar DealsOffice52,129 SF
Financed 09/20/2021
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$89
Total Square Footage:52,129 SF
Transaction Type:Loan
The office property located at 603, 608, 620, and 730 North Broad Street in Woodbury, NJ was involved in a recent transaction. The property spans a total of 52,129 square feet and is categorized as an Office space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $4,680,000
- Loan Type: Acquisition
- Loan Terms: 5 years, 30-year amortization, 2.33%, non-recourse
OceanFirst Bank provided a loan in the amount of $4,680,000 for the acquisition of the property. The loan has a term of 5 years with a 30-year amortization schedule and a non-recourse agreement. The interest rate is set at 2.33%. The landlord of the property is Midtown Equities. Morris Dweck, representing ABS Altman Warwick, served as the broker for this transaction.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$4,680,000.00
Monthly NOI$31,200.00
Monthly Debt Service$29,580.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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