Updated Oct 29, 2024
Color Management Secures $13.1M Loan For New Jersey Retail Centers
1000 S Elmora Ave Elizabeth, Nj 07202, Usa
$13,100,000
Building Size
—
Asset Type
Retail
Closing
Jul 24, 2023
About this deal
AI
Cronheim Mortgage has arranged a $13.1 million loan for two fully leased retail centers in New Jersey. The properties, Color Plaza and Roselle Commons, are located at 1000 South Elmora Avenue and 340-394 East Irving Park Road, respectively. Both centers are situated in the markets of Elizabeth and Roselle.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $13,100,000
- Date: 07/24/2023
- Landlord: Color Management
- Brokers: Andrew Stewart, Dev Moris & Allison Villamagna - Cronheim Mortgage
- Loan Type: Acquisition Loan
- Loan Terms: 10-year, interest-only
The loan, secured by Cronheim Mortgage on behalf of an affiliate of Color Management, is an acquisition loan with a term of 10 years. It offers interest-only financing, providing flexibility for the borrower.
Players
New Jersey Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.21%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93