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

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.