Kearny Bank Provides $42.4M Acquisition Loan For Retail Property In Millville, NJ
FINANCED
$42,375,000
New Jersey
See Similar DealsRetail392,875 SF
Financed 11/17/2021
FINANCED
Kearny Bank Provides $42.4M Acquisition Loan For Retail Property In Millville, NJ
2164 North 2nd Street
See Similar DealsRetail392,875 SF
Financed 11/17/2021
Summary
NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$107
Total Square Footage:392,875 SF
Transaction Type:Loan
Located at 2164 North Second Street in Millville, NJ, this retail property spans across 392,875 square feet. The transaction took place on November 17, 2021. The property was acquired through a loan provided by Kearny Bank, with Noah Littell representing the lender. Simon Rosenfeld from Meridian Capital Group served as the broker for the deal.
Summary of Transaction Details
- Property Type: Retail
- Transaction Amount: $42,375,000
- Lender: Kearny Bank - Noah Littell
- Broker: Simon Rosenfeld - Meridian Capital Group
- Loan Type: Acquisition
- Loan Terms: $42,375,000 at a fixed interest rate of 3.375% for 10 years with 12 months IO
The individuals involved in the transaction include Noah Littell, the representative of Kearny Bank, and Simon Rosenfeld, the broker from Meridian Capital Group. Together, they facilitated the loan for the acquisition of the retail property located at 2164 North Second Street in Millville, NJ.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,375,000.00
Monthly NOI$282,500.00
Monthly Debt Service$267,838.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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