Yakup Imir Refinances $10M Loan For 77,000 SF Industrial Building In East New York
1138 Linwood Street
Building Size
—
Asset Type
—
Closing
Mar 28, 2023
About this deal
AI
Yakup Imir refinanced a $10 million loan for his 77,000-square-foot industrial building located at 1138 Linwood Street, East New York, Brooklyn. The property is situated in the East New York market.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $10,000,000
- Address: 1138 Linwood Street
- Market: East New York
- Square Footage: 77,000
The loan was provided by Provident Bank, with Thomas Spencer representing the bank in the deal. Yakup Imir, the landlord of the property, sought to refinance the loan. It should be noted that the building generated $1.1 million in revenue in 2022.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93