Updated Mar 11, 2025
OceanFirst Bank Provides $4.68M Loan For Office Acquisition In Woodbury, NJ
603 North Broad Street, Woodbury, NJ, USA
$4,680,000
$89/SF
Building Size
52,129 SF
Asset Type
Office
Closing
Sep 20, 2021
About this deal
AI
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
Woodbury Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.39%
Cash-on-Cash
-0.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93