Updated Oct 28, 2024
Lakeland Bank Provides $1.33M Loan For Retail Property Acquisition In South Orange, NJ
15 Village Plaza, South Orange, NJ 07079, USA
$1,330,000
$94/SF
Building Size
14,063 SF
Asset Type
Retail
Closing
Aug 9, 2020
About this deal
AI
Located at 15 Village Plaza in South Orange, NJ, this retail property recently underwent a transaction on 08/09/2021. The property, facilitated by Frank Stanislaski & Eddie Miro of Progress Capital, was acquired with a loan from Lakeland Bank in the amount of $1,330,000.
Summary of Transaction Details:
- Property Type: Retail
- Transaction Amount: $1,330,000
- Address: 15 Village Plaza, South Orange, NJ
- Market: South Orange, NJ
- Lender: Lakeland Bank
- Landlord: Stuart Wainberg - Wainco Realty
- Brokers: Frank Stanislaski & Eddie Miro - Progress Capital
Stuart Wainberg, representing Wainco Realty, served as the landlord in this transaction. The loan, provided by Lakeland Bank, facilitated the acquisition of this retail property. Frank Stanislaski & Eddie Miro, from Progress Capital, acted as the brokers for this deal.
Players
South Orange 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
11.93%
Cash-on-Cash
-3.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93