BRP Development Acquires 50-Unit Condo In Bedford-Stuyvesant For $22.5M
FINANCED
$22,500,000
New York
See Similar Deals884,480 SF
Financed 05/27/2020
FINANCED
BRP Development Acquires 50-Unit Condo In Bedford-Stuyvesant For $22.5M
1577 Fulton St, Brooklyn, NY 11213, USA
See Similar Deals884,480 SF
Financed 05/27/2020
Summary
NEW YORK
Price Per Square Foot:$25
Total Square Footage:884,480 SF
Transaction Type:Loan
Three properties in Bedford-Stuyvesant, located at 27 Albany Avenue, 1577 Fulton Street, and 29 Albany Avenue, have been involved in a closed transaction. The transaction involved a condominium asset consisting of 50 units with a total area of 88,448 square feet. The deal was financed by M&T Bank, providing a loan amount of $22,500,000. The landlord of these properties is BRP Development, represented by Meredith Marshall and Geoff Flournoy.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $22,500,000
- Units: 50
- Square Feet: 88,448
- Address: 27 Albany Avenue, 1577 Fulton Street, 29 Albany Avenue
- Market: Bedford-Stuyvesant
Meredith Marshall and Geoff Flournoy, from BRP Development, played a significant role in this transaction as the landlords of the properties. They ensured the successful completion of the deal.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$22,500,000.00
Monthly NOI$150,000.00
Monthly Debt Service$142,215.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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