Updated Oct 28, 2024
Tulfra Real Estate & Hampshire Cos. Secure $6.37M Construction Loan For Retail Property In Belleville, NJ
11 Franklin Avenue, Belleville, New Jersey 07109, United States
$6,370,000
Building Size
—
Asset Type
Retail
Closing
Mar 8, 2022
About this deal
AI
The property involved in this closed transaction is a retail asset located at 11 Franklin Avenue in Belleville, NJ. The property spans over 20 acres and is owned by Tulfra Real Estate, represented by Sonny Jumani & Hampshire Cos. The transaction was facilitated by brokers Jon Mikula & Michael Klein from JLL. The loan for this transaction was provided by First Bank, with Michael Cook as the representative.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $6,370,000
- Address: 11 Franklin Avenue
- Market: Belleville, NJ
- Acres: 20
- Landlord: Tulfra Real Estate - Sonny Jumani & Hampshire Cos.
- Brokers: Jon Mikula & Michael Klein - JLL
- Lender: First Bank - Michael Cook
- Loan Type: Construction Loan
This transaction involved key individuals such as Sonny Jumani from Tulfra Real Estate, Jon Mikula and Michael Klein from JLL, and Michael Cook representing First Bank. Their contributions played a significant role in executing the construction loan for the retail property located at 11 Franklin Avenue in Belleville, NJ.
On the Map
$6,370,000
Retail
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Players
Nutley 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
2.49%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93