Patriot Bank Finances $7.5M Refinance On Industrial Property In Red Hook
Red Hook
Building Size
—
Asset Type
—
Closing
Dec 18, 2022
AI
The industrial property located at 185 Van Dyke Street in Red Hook, Brooklyn spans 325,624 square feet and boasts a significant size of 111,265 square feet. The property, owned by Lande Alexander Properties Inc, under the management of Lande Alexander & Brian Robbins, recently underwent a refinancing transaction valued at $7,500,000 with Patriot Bank, facilitated by Tommy Tran.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $7,500,000
- Address: 185 Van Dyke Street
- Market: Red Hook, Brooklyn
- Asset Type: Industrial
- BSF: 325,624 SF
Patriot Bank, represented by Tommy Tran, provided the refinancing loan for this industrial property. The landlords of the property, Lande Alexander & Brian Robbins, executed the deal with the assistance of their company, Lande Alexander Properties Inc.
Players
New York CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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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