Lakeland Bank Provides $3.4M Refinance Loan For Millburn Ave. & Route 36 Retail Property
279 Millburn Ave, Millburn, NJ, USA
$3,400,000
Building Size
—
Asset Type
Retail
Closing
Mar 9, 2021
AI
The property involved in this closed transaction is a retail asset located at 279 Millburn Ave. in Millburn and 135 Route 36 in West Long Branch. The transaction type is a refinance loan.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $3,400,000
- Address: 279 Millburn Ave. & 135 Route 36
- Market: Millburn & West Long Branch
The lender for this transaction is Lakeland Bank. The landlord is Roy Pascal from Commerce Park Investors. The brokers involved in this deal are Kathy Anderson from Progress Capital and Caillin Boles from Progress Capital.
Players
Millburn Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.67%
Cash-on-Cash
-1.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93