People's Security Bank Provides $9.3M Construction Loan For MultiFamily Property In Maplewood, NJ
1722 Springfield Avenue
$9,300,000
$279/SF
Building Size
33,297 SF
Asset Type
MultiFamily
Closing
Mar 14, 2023
AI
The multi-family property located at 1722 Springfield Avenue in Maplewood, NJ has undergone a recent closed transaction. With a total square footage of 33,297 and a total of 30 units, this property offers a promising investment opportunity.
Summary of Transaction Details
- Property Type: MultiFamily
- Transaction Amount: $9,300,000
- Address: 1722 Springfield Avenue, Maplewood, NJ
- Market: Maplewood, NJ
- Lender: People's Security Bank
- Landlord: Benjamin Nigri - Equity Management
- Brokers: David May & Evan Boles - Progress Capital
- Loan Type: Construction
- Loan Terms: 6.5% Fixed Rate
Benjamin Nigri of Equity Management served as the landlord in this transaction. The loan for this deal was provided by People's Security Bank, with a loan amount of $9,300,000. The loan type was construction and it carried a fixed interest rate of 6.5%. Representing the buyer and seller in this transaction were David May and Evan Boles of Progress Capital.
Players
Norfolk 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
1.71%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93