@avoconstruction Acquires 5 Condo Buildings In Brooklyn, NY With $5.9M Loan From Cathay Bank
1101 Prospect Avenue, Brooklyn, NY, USA
$5,900,000
Building Size
—
Asset Type
—
Closing
Mar 13, 2019
About this deal
AI
Acquisition financing was secured for a portfolio of five condo buildings in Brooklyn, NY. The properties are located at 1101 Prospect Avenue (Windsor Terrace), 11 Terrace Place (Windsor Terrace), 231-234 Bay 34th Street (Gravesend), 366 Avenue Y (Gravesend), and 525 Court Street (South Brooklyn). The portfolio consists of 10 residential condos and 3 commercial condos.
Summary of transation details
- Property Type: 5 condo buildings (10 Residential and 3 Commercial Condos)
- Loan Amount: $5,900,000
- Landlord: @avoconstruction
- Lender: Cathay Bank
- Broker: Brad Domenico - Progress Capital @progress.capital
- Loan Type: Acquisition
Brad Domenico from Progress Capital represented the landlord, @avoconstruction, in securing the acquisition financing for this portfolio. The loan, provided by Cathay Bank, is non-recourse and has a 30-year amortization with declining prepayment.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.69%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93