Ironstate Development And Panepinto Properties Secure $202.5M Loan For Residential Property In Jersey City With AIG
90 Christopher Columbus Dr, Jersey City, NJ 07302, USA
$202,500,000
$3,577/SF
Building Size
56,602 SF
Asset Type
Other
Closing
Sep 19, 2019
AI
Ironstate Development and Panepinto Properties have closed a residential real estate transaction at 90 Columbus Drive in Jersey City. The property, which is located in a prime market, was financed by AIG with a loan amount of $202,500,000. The loan terms are set for a 10-year fixed-rate.
Summary of transaction details
- Property Type: Residential
- Transaction Amount: $202,500,000
- Address: 90 Columbus Drive
- Market: Jersey City
The deal was orchestrated by Iron Hound Management, represented by Chris Herron and Robert Verrone. Their expertise and negotiation skills played a crucial role in successfully closing this transaction.
Players
Jersey City Other Market Snapshot
Boundary boundary · Other · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93