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
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.
Players
Brooklyn CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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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