Bank Of America Provides $4.2M Purchase Loan For Office Building In Fairlawn
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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
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- Location23-00 New Jersey Highway 208
- Loan Value$4,200,000
- Asset TypeOffice
- Parties1 Broker, 1 Agency, 1 Lender
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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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