Robert Morgenstern And Hidetatsu Ikeda Secure $60M Refinance Loan For Downtown Brooklyn Condo
430 Albee Square
$60,000,000
Building Size
—
Asset Type
Condo
Closing
Feb 28, 2025
About this deal
AI
The asset involved in this transaction is a condo located at 430 Albee Square in Downtown Brooklyn. The refinancing loan amount for this property is $60,000,000, facilitated by MUFG Bank.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $60,000,000
- Address: 430 Albee Square
- Market: Downtown Brooklyn
- Lender: MUFG Bank
- Landlord: Robert Morgenstern - Canvas Investment Partners; Hidetatsu Ikeda - Tokyu Land US
- Loan Type: Refinance
This transaction highlights the involvement of Robert Morgenstern and Hidetatsu Ikeda, who represent Canvas Investment Partners and Tokyu Land US, respectively, as the landlords in this deal.
On the Map
$60,000,000
Condo
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Players
Brooklyn Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93