$ 12,000,000

Loan Strategy:
Refinance

Location:
53 Hackensack Plank Rd, Weehawken, NJ 07086, USA

5.75% 50% 24 mo.
Rate LTV Term

Summary

  • About this property: The borrower purchased a 29,000 sq. ft. lot located at 53 Hackensack Plank Road, Weehawken, NJ for $1,675,000. The borrower has obtained the necessary approvals to build a 40 unit residential building. The residential building will consist of 20 one bedroom units, 20 two bedroom units and 65 parking spaces. The borrower will develop the residential building for $8,700,000. The property will have an estimated market value of $18,500,000 when the construction is complete and the building is stabilized. The borrower will complete the construction and sell or refinance the units to repay the loan.

Rate Detail

  • York Mortgage Rate: 7%

Investment Overview

  • Originator: York Funding LLC
  • Lien Type: Pledge Agreement
  • Maturity Date: 09/30/21

Investment Purpose & Strategy

  • Loan Purpose: New Development of 40 units
  • Loan Strategy: Refinance
  • Property Purchase Price: $ 2,300,000
  • Rehab Budget: $ 8,800,000
  • Construction Budget: $ 8,800,000

LTV Details

  • Market Value: $ 20,000,000

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Description

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2020-10-14T17:07:51-04:00