Updated Oct 28, 2024
RGA Reinsurance Co. Provides $11M Permanent Loan For Retail Property In Boonton
550 Myrtle Avenue, Boonton, New Jersey 07005, United States
$11,000,000
$175/SF
Building Size
62,740 SF
Asset Type
Retail
Closing
Aug 28, 2022
About this deal
AI
The retail property located at 550 Myrtle Ave in Boonton has been involved in a closed transaction. The property spans an area of 62,740 square feet and is owned by Urstadt Biddle Properties Inc.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $11,000,000
- Date: 08/29/2022
- Address: 550 Myrtle Ave
- Market: Boonton
The loan for this property was provided by RGA Reinsurance Co. The loan amount was $11,000,000, and it was a permanent loan with a term of 10 years. The loan amortizes over 30 years.
The deal was facilitated by Cronheim Mortgage brokers Dev Morris and Andrew Stewart, who represented the parties involved in the transaction.
On the Map
$11,000,000
$175/SF
Retail
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Players
Boonton 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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93