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1722 Springfield Avenue

People's Security Bank Provides $9.3M Construction Loan For MultiFamily Property In Maplewood, NJ
FINANCEDMultiFamily

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

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

David May

Progress Capital

Broker

$24.2M

vol

10 deals

Broker
PB
People'S Security BankLender

Benjamin Nigri

Landlord

$23.3M

vol

2 deals

Landlord

Norfolk MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

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