Updated May 12, 2025
Valley National Bank Provides $5.5M Acquisition Loan For Montclair Office Property
66 Park Street
$5,500,000
$347/SF
Building Size
15,850 SF
Asset Type
Office
Closing
Apr 13, 2021
About this deal
AI
The asset involved in this transaction is an office located at 66 Park Street in Montclair, NJ. The acquisition loan was established at a total amount of $5,500,000, featuring a fixed interest rate of 3.125% with a 30-year amortization period.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $5,500,000
- Loan Type: Acquisition
- Lender: Valley National Bank
- Date: 04/13/2021
- Brokers: Brad Domenico @domenico317 & Frank Stanislaski @fstanisl - Progress Capital @progress.capital
The key individuals involved in this acquisition include lenders from Valley National Bank, who provided the necessary financing. The transaction was facilitated by brokers Brad Domenico and Frank Stanislaski, both representing Progress Capital in the deal.
Players
Montclair Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Deal FAQ
Visit Frank Stanislaski to view all their deals.
Browse Montclair office loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93