577 Broadway

Location: Bayonne, NJ
Type: Mixed Use
Price: $ 4,075,000

SMC’s $4,075,000 first mortgage loan is collateralized by a 27,550 SF mixed-use ground floor retail property with second floor apartments in Bayonne, NJ. The Subject Portfolio is 100% leased and well located with excellent visibility along Broadway, between West 26th Street and West 27th Street, approximately 10 miles southwest of Manhattan. The ground floor retail at the Property is 100% leased to Family Dollar with 10,000 SF, Broadway Bagel with 2,200 SF and a Tae Kwon Do karate studio with 2,200 SF. The second floor of the Property is comprised of 14 recently constructed apartment units, which received their Certificate of Occupancy on January 15, 2013 and all 14 apartment units were 100% leased within 8 weeks from when the Sponsor posted the available units on apartment rental websites.