BridgeCity Capital Provides $44M Bridge Loan For Princeton Office Complex In New Jersey
7 Roszel Road, Princeton, New Jersey 08540, United States
$44,000,000
$145/SF
Building Size
302,454 SF
Asset Type
Office
Closing
Feb 6, 2022
AI
The property involved in the transaction is an office asset located at 7 & 9 Roszel Road in Princeton, NJ, encompassing a total square footage of 302,454. The loan amount for this property was established at $44,000,000, categorized under bridge loan type with specific terms including ground leasehold financing for 12 months plus extension options, and a loan-to-value ratio (LTV) of 75%.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $44,000,000
- Address: 7 & 9 Roszel Road
- Market: Princeton, NJ
- Asset Square Footage: 302,454
- Lender: BridgeCity Capital
- Loan Type: Bridge
- Loan Terms: Ground Leasehold financing, 12 months + extension options; LTV 75%
- Landlord: Abraham Brach
Key individuals involved in the transaction include Pinny Loketch, Allan Lebovits, Louis Lebovits, and Moishe Loketch representing BridgeCity Capital. This team focuses on financing mixed-use, residential, industrial, and construction projects in various regions, including New York, the Tri-State Area, and South Florida.
Players
Princeton Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93