Signature Bank Refinances Specialty Building In Brownsville, Brooklyn For $50M
1501 Pitkin Avenue, Brooklyn, New York 11212, United States
$50,000,000
$387,596/SF
Building Size
129 SF
Asset Type
—
Closing
Oct 11, 2022
About this deal
AI
The specialty building located at 1501 Pitkin Avenue in Brownsville, Brooklyn, has recently undergone a refinancing transaction. The property spans approximately 129,654 square feet and is an asset of significance in the market.
Summary of transation details
- Property Type: Specialty Building
- Transaction Amount: $50,000,000
- Address: 1501 Pitkin Avenue, Brownsville, Brooklyn
Signature Bank, represented by Nicholas A. LaMorte, acted as the lender in this refinancing deal. The loan was extended to the landlord, Shulem Herman.
The commercial loan at 1501 Pitkin Avenue, Brooklyn, New York 11212, United States in Brooklyn, New York financed for $50M in 2022. The building is 129 square feet, implying about 387.6K per square foot on the published price. Named participants on the 1501 Pitkin Avenue, Brooklyn, New York 11212, United States loan are Shulem Herman. This page is the Brooklyn, New York file for the 1501 Pitkin Avenue, Brooklyn, New York 11212, United States commercial financed: pricing, party profiles, and other closed commercial comps from the same Brooklyn sit in the Market section below. Filter that Brooklyn commercial set by closing date to see what else financed near 1501 Pitkin Avenue, Brooklyn, New York 11212, United States around 2022. Published consideration for 1501 Pitkin Avenue, Brooklyn, New York 11212, United States is $50M, dated 2022. Cite this Signature Bank Refinances Specialty Building In Brownsville, Brooklyn For $50M loan when underwriting similar commercial product around Brooklyn, New York.
On the Map
$50,000,000
$387,596/SF
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93