Updated Dec 21, 2023
LackBearCapitalPartners Arranges $7.7M Refinance Loan For Retail Centers In Parsippany & Marlton, NJ
1561 US Route 46, Parsippany-Troy Hills, New Jersey 07054, United States
$7,685,000
$120/SF
Building Size
64,000 SF
Asset Type
Retail
Closing
Jan 30, 2022
About this deal
AI
A loan in the amount of $7,685,000 was secured to refinance two retail centers in Parsippany and Marlton, NJ. The properties, measuring 24,000 square feet and 40,000 square feet respectively, were refinanced via 7-year loans with fixed rates. The retail center in Parsippany, NJ had a fixed rate of 3.55%, while the retail center in Marlton, NJ had a fixed rate of 3.99%.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,685,000
- Address: 1561 US-46 & 701 West Route 70
- Market: Parsippany & Marlton, NJ
- Asset Type: Retail
- Square Footage: 64,000
The loan was facilitated by the broker, Brandon Harris of BlackBear Capital Partners.
Parsippany 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
2.06%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93