Updated Mar 11, 2025
Lakeland Bank Provides $4.8M Loan For Retail Property In Point Pleasant
1501 Richmond Avenue, Point Pleasant Beach, NJ, USA
$480,000
$25/SF
Building Size
19,111 SF
Asset Type
Retail
Closing
Nov 11, 2020
About this deal
AI
A retail property located at 1501-1513 Richmond Avenue in Point Pleasant has recently undergone a loan transaction. The loan amount for this deal was $4,800,000 and it was provided by Lakeland Bank. The loan terms include a fixed interest rate of 3.375% for 10 years, with a 30-year amortization period.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,800,000
- Address: 1501-1513 Richmond Avenue
- Market: Point Pleasant
Brad Domenico and John Libretti of Progress Capital served as brokers in this loan transaction. They represented the parties involved in the deal, ensuring its successful completion.
Players
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
33.05%
Cash-on-Cash
-9.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93