Updated Oct 29, 2024
Hanover Bank Provides $3.1M Refinance Loan For Commercial Property On Newark Ave In Jersey City
335 Newark Ave, Jersey City, NJ 07302, USA
$3,100,000
$232/SF
Building Size
13,353 SF
Asset Type
Special Purpose
Closing
Nov 22, 2022
About this deal
AI
The commercial property located at 335-337 Newark Ave in Jersey City, NJ has been involved in a loan transaction. The property, with a total area of 13,353 square feet, is comprised of theatre and restaurant spaces. The loan amount for this transaction was $3,100,000 and it was a refinancing loan. The lender involved in the transaction was Hanover Bank.
Summary of transaction details:
- Property Type: Commercial (Theatre/Restaurants)
- Transaction Amount: $3,100,000
- Address: 335-337 Newark Ave, Jersey City, NJ
- Market: Jersey City, NJ
- Loan Type: Refinance
The landlord of the property is BLDGup represented by Ben LoPiccolo and Kevin Kansagra. The broker involved in the deal was Gabby Cali from Progress Capital.
Players
Jersey City Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.12%
Cash-on-Cash
-1.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93