Loan Strategy: Refinance
Location: 53 Hackensack Plank Rd, Weehawken, NJ 07086, USA
- 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.
- York Mortgage Rate: 7%
- 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
- Market Value: $ 20,000,000
View on map / Neighborhood
This style property is located in Weehawken is currently Closed investments and has been listed on York Funding LLC. This property is listed at $ 12,000,000. It has bedrooms, bathrooms, and is . The property was built in year.