Republic Bank Provides $2.3M Acquisition Loan For Mixed-Use Property In Manchester, NJ
550 County Road 530
$2,300,000
$70/SF
Building Size
32,878 SF
Asset Type
Mixed-use
Closing
Dec 27, 2022
About this deal
AI
The mixed-use property located at 550 County Road 530 in Manchester, NJ, was recently involved in a loan transaction. The property has a total square footage of 32,878 and is owned by Joseph Pucci.
Summary of transaction details
- Property Type: Mixed Use
- Transaction Amount: $2,300,000
- Loan Type: Acquisition
Eddie Miro and Brian Anderson from Progress Capital represented the borrower in securing the loan from Republic Bank. This loan will allow the borrower to acquire the property and take advantage of its mixed-use potential in Manchester, NJ.
Players
Eastland Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.90%
Cash-on-Cash
-1.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93