Laz Parking Realty Investors Secures $26.4M Acquisition Loan For Hoboken Parking Garage

A parking garage located at 1450 Bloomfield St in Hoboken has been involved in a recent transaction. The property, with a total square footage of 389,984, was acquired through an acquisition loan. The landlord of the parking garage is LAZ Parking Realty Investors. The deal was facilitated by broker Daniel Karp from Northmarq.

Summary of transaction details

• Property Type: Parking Garage
• Transaction Amount: $26,400,000
• Loan Type: Acquisition Loan
• Loan Terms: The financing included a fixed-rate loan with a 10-year term. The initial five years consist of interest-only payments, followed by a 30-year amortization schedule.

Daniel Karp from Northmarq represented the buyer or seller in this transaction. This acquisition loan allowed the buyer to secure financing for the parking garage located at 1450 Bloomfield St in Hoboken. The financing terms provide flexibility with interest-only payments for the initial five years, followed by a 30-year amortization schedule.