Progress Capital Arranges $4.9M Acquisition Loan For Retail Property In East Hanover, NJ
416 New Jersey Highway 10
$4,900,000
$132/SF
Building Size
37,000 SF
Asset Type
Retail
Closing
Mar 3, 2023
AI
The retail property located at 416 New Jersey Highway 10 in East Hanover, NJ has been acquired in a closed transaction. With a total square footage of 37,000, the property is situated in a prominent market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $4,900,000
- Address: 416 New Jersey Highway 10, East Hanover, NJ
- Market: East Hanover, NJ
- Lender: TD Bank
- Landlord: Ken Lebersfeld, Eric Lebersfeld Of Capital Lighting
- Brokers: Brad Domenico & Jack Subers - Progress Capital
The deal involved the lender, TD Bank, providing a loan amount of $4,900,000 for the acquisition of the retail property. The landlords, Ken Lebersfeld and Eric Lebersfeld of Capital Lighting, were represented in the transaction. Brad Domenico and Jack Subers from Progress Capital acted as the brokers in this closed transaction.
Players
Market 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
3.24%
Cash-on-Cash
-0.93%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93