Updated Oct 28, 2024
American United Life Insurance Company Provides $21M Loan For Retail Property In New Providence
1260 Springfield Avenue, New Providence, New Jersey 07974, United States
$21,000,000
$194/SF
Building Size
108,000 SF
Asset Type
Retail
Closing
May 18, 2022
About this deal
AI
The retail property located at 1260 Springfield Ave in New Providence has recently been involved in a loan transaction. The property spans an area of 108,000 square feet. The loan of $21,000,000 was provided by American United Life Insurance Company. The loan terms include a 10-year financing period with a 30-year amortization schedule.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $21,000,000
- Address: 1260 Springfield Ave
- Market: New Providence
- Lender: American United Life Insurance Company
The landlord for the property is Urstadt Biddle Properties Inc. The broker representing the transaction is Cronheim Mortgage.
On the Map
$21,000,000
$194/SF
Retail
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Players
New Providence 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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93