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Tulfra Real Estate & Hampshire Cos. Secure $6.37M Construction Loan For Retail Property In Belleville, NJ

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FINANCED
$6,370,000

New Jersey

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Retail
Financed 03/09/2022
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Property Image
FINANCED

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

See Similar Deals
Retail
Financed 03/09/2022
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Summary

NEW JERSEY
Asset Type:Retail
Transaction Type:Loan

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.

Players

Michael Klein
77 deals$2.6B volume(973) 549-2005
BROKER

Jon Mikula
JLL
42 deals$1.8B volume(973) 549-2006
BROKER

LANDLORD

Details

FINANCED
IMAGE: Sonny Jumani, Jon Mikula & Michael Klein DATE: 03/09/2022 ADDRESS: 11 Franklin Avenue MARKET: Belleville, NJ ASSET TYPE: Retail ~ ACRES: 20 LENDER: First Bank - Michael Cook LANDLORD: Tulfra Real Estate - Sonny Jumani & Hampshire Cos. BROKERS: Jon Mikula & Michael Klein - JLL LOAN AMOUNT: $6,370,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,370,000.00

Monthly NOI$42,466.67
Monthly Debt Service$40,262.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00