Newark, NJ

$1,250,000

Multifamily

Purchase

11/15/2014
Transaction by
Ontario Wealth Management Corporation
In November 2014, Owemanco funded a private money bridge loan for the purchase of a 16-unit apartment building in the Weequahic neighborhood of Newark, New Jersey. The purchase price was $1,280,000. The Borrower put down only $30K in cash but cross-collateralized with equity in another investment property to make the loan-to-coast 51%. The cross-collateralized property is a Class-C 16,000 square foot multifamily property near the acquired 16-unit property. The Borrower plans to improve the property and hold for a long term. A refinance will pay off this 1st trust deed bridge loan within 1 year.