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279 Millburn Ave, Millburn,...

Lakeland Bank Provides $3.4M Refinance Loan For Millburn Ave. & Route 36 Retail Property
FINANCEDRetail

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

Kathy Anderson

Cushman & Wakefield

Broker

$937.3M

vol

56 deals

Broker
Lakeland Bank
Lakeland BankLender
Roy Pascal

Roy Pascal

Commerce Park Investors

Landlord

$61.8M

vol

13 deals

Landlord

Millburn 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

4.67%

Cash-on-Cash

-1.33%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93