Updated Oct 29, 2024
Weingarten Group Secures $6.45M Loan For Multifamily Asset In Jersey City NJ
618 Summit Avenue, Syracuse, NY 13207
$6,450,000
Building Size
—
Asset Type
MultiFamily
Closing
Aug 6, 2020
About this deal
AI
88-94 Tonnele Ave & 618-620 Summit Ave in Jersey City, NJ, was the site of a recent closed property transaction involving a multifamily asset. The deal, which took place on August 7, 2020, attracted the attention of Lakeland Bank, who provided a loan of $6,450,000 to facilitate the purchase.
Summary of transaction details
- Property Type: Multifamily
- Loan Amount: $6,450,000
- Market: Jersey City, NJ
- Landlord: Jeffrey & Scott Weingarten - Weingarten Group
The Weingarten Group, represented by their brokers Brad Domenico from Progress Capital and Niko Nicolaou from Gebroe-Hammer Associates, successfully sealed the deal and secured the loan provided by Lakeland Bank.
Players
City of Syracuse MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.46%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93