facebook

traded

+ Submit
Home

/

Deals

/

New York

/

All

/

Sale

/

Red Hook

Patriot Bank Finances $7.5M Refinance On Industrial Property In Red Hook
SOLD

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

Lande Alexander

Lande Alexander Properties Inc

Landlord

$35M

vol

3 deals

Landlord

New York CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

Loading comparables…

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