Columbia Bank Provides $6.5M Refinance Loan For Educational Facility In Wayne, NJ
164 Totowa Rd Wayne, NJ 07470, USA
$6,500,000
$38/SF
Building Size
168,050 SF
Asset Type
Other
Closing
Jun 5, 2023
AI
An educational facility located at 164 Totowa Road in Wayne, NJ has recently undergone a refinancing transaction. The property spans a total of 168,050 square feet, providing ample space for educational purposes.
Summary of transaction details:
- Property Type: Educational Facility
- Transaction Amount: $6,500,000
- Address: 164 Totowa Road, Wayne, NJ
- Market: Wayne, NJ
The lender in this refinancing deal is Columbia Bank. Serving as the broker representative for this transaction is Gabby Cali from Progress Capital. The loan provided for the refinancing transaction amounts to $6,500,000. It is a non-recourse loan, with a 6% fixed interest rate for 5 years. The loan term extends for a total of 10 years.
Players
New Jersey Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93