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430 Albee Square

Robert Morgenstern And Hidetatsu Ikeda Secure $60M Refinance Loan For Downtown Brooklyn Condo
FINANCEDCondo

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

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.

Players

MUFG Union Bank
MUFG Union BankLender

Brooklyn Condo Market Snapshot

Boundary boundary · Condo · Loan transactions

Loading comparables…

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