Updated Oct 29, 2024
JLL Arranges $25M Loan For Retail Property In Hoboken, NJ With Minnesota Life Insurance
900 Madison St, Hoboken, NJ, 07030
$25,000,000
Building Size
—
Asset Type
Retail
Closing
Nov 22, 2023
About this deal
AI
The shopping center located at 900 Madison St in Hoboken, New Jersey, spans 95,688 square feet and recently underwent refinancing with a $25 million loan. The center is anchored by the grocer ShopRite and was fully leased at the time of the loan closing.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $25,000,000.00
- Address: 900 Madison St, Hoboken, NJ, 07030
- Market: Hoboken
- Borrower's Rep: Thomas (Tom) Didio(JLL), Thomas Gorman Jr.(Redwood Realty Advisors)
- Lender: Minnesota Life Insurance
JLL, through its representatives Thomas Didio and Thomas Gorman Jr., arranged the $25 million loan with Minnesota Life Insurance Co. on behalf of the borrower, Northwest Redevelopment Supermarkets LLC. The loan features a 10-year term and a fixed interest rate.
On the Map
$25,000,000
Retail
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Players
Hoboken 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
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93