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Bank Of America Provides $4.2M Purchase Loan For Office Building In Fairlawn

23-00 NJ-208
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This Office property located in NJ received a loan of $4,200,000 over 1 year ago. The broker of the deal was Jake Gluck

A $4,200,000 purchase loan was secured for an office property located at 23-00 NJ-208 in Fairlawn. The lender for this transaction was Bank of America.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $4,200,000
  • Address: 23-00 NJ-208, Fairlawn
  • Market: Fairlawn

The loan terms for this transaction included a 5-year floating rate of 1.75 over BSBY, with 6 months interest-only on a 30-year amortization. The loan-to-value (LTV) ratio was set at 75% of the purchase price.

Jake Gluck from Fortune Capital Group represented the buyer as the broker in this deal. He was able to leverage his strong lending relationships to provide full leverage debt with favorable terms, including a strong spread and the option to fix the rate at any time.

View Related

Deals
  • Location
    23-00 New Jersey Highway 20823-00 New Jersey Highway 208
  • Loan Value
    $4,200,000$4,200,000
  • Asset Type
    OfficeOffice
  • Parties
    1 Broker, 1 Agency, 1 Lender1 Broker, 1 Agency, 1 Lender

Agent

Jake Gluck

Jake Gluck

Deals21
Financed$97.7M

Agency

Fortune Capital Group

Fortune Capital Group

Agency
Deals21
Volume$90.9M

Bank of America

Bank of America

Lender
Deals85
Volume$ 1.4T

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Deal Summary

LOAN IMAGE: Jake Gluck DATE: 07/28/2022 ADDRESS: 23-00 NJ-208 MARKET: Fairlawn ASSET TYPE: Office LENDER: Bank of America BROKER: Jake Gluck (@LuckyJack87) - Fortune Capital Group LOAN AMOUNT: $4,200,000 LOAN TYPE: Purchase Loan LOAN TERMS: 5 Year Floating Rate 1.75 over BSBY. 6 Months IO on a 30 year Amortization. LTV - 75% of Purchase. NOTE FROM BROKER: This was a complex building with some lease roll. We were able to leverage the strong lending relationships we have to provide full leverage debt, with a strong spread, and an option to fix the rate at any time.

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23-00 NJ-208

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