W&L Group Secures $36 Million Refinance Loan For Bayview Courtyard Condo In Gravesend Brooklyn
2286 Cropsey Avenue
$36,000,000
Building Size
—
Asset Type
Condo
Closing
Oct 30, 2024
About this deal
AI
The property involved in this transaction is a condo located at 2286 Cropsey Avenue in the Gravesend area of Brooklyn. It encompasses 98 residential units along with two commercial units situated in the Bayview Courtyard building. The refinancing loan secured totals $36 million.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $36,000,000
- Lender: Eric Goodman - Goodman Capital
- Landlord: Tony Wang - W&L Group
The deal was facilitated by W&L Group, which, through Cropsey Partners LLC, obtained the refinancing loan from Goodman Capital. This financing is intended for the management and operation of the condo units within the property.
On the Map
$36,000,000
Condo
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Players
Brooklyn Condo Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93