Updated Dec 19, 2023
Black Bear Capital Partners Brokers Refinance $3.6M Loan For Point Pleasant Beach Retail Property
1201-1213 Richmond Avenue, Point Pleasant Beach, New Jersey 08742, United States
$3,600,000
$183/SF
Building Size
19,575 SF
Asset Type
Retail
Closing
Apr 28, 2022
About this deal
AI
The 19,575 square feet retail property located at 1201-1213 Richmond Ave in Point Pleasant Beach, NJ has been refinanced. This property is anchored by a CVS and was refinanced through a 7-year fixed rate loan at 3.85% interest. The loan features two years of interest-only payments followed by a 30-year amortization schedule. The financing was provided by a balance sheet lender. The total loan amount for this transaction is $3,600,000.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $3,600,000
- Address: 1201-1213 Richmond Ave, Point Pleasant Beach, NJ
- Market: Point Pleasant Beach, NJ
- Market Value: Not available
- Loan Type: Refinance
- Loan Terms: 7-year fixed rate loan at 3.85% with two years of interest only payments, followed by 30-year amortization
The transaction was facilitated by Brandon Harris of Black Bear Capital Partners, who represented the borrower in securing the refinancing for the retail property.
Point Pleasant Beach 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
4.41%
Cash-on-Cash
-1.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93