Optimum Bank Provides $15.75M Refinance Loan For Bedford-Stuyvesant Hotel
1222 Atlantic Avenue
$15,750,000
Building Size
—
Asset Type
Hotel
Closing
Nov 27, 2023
About this deal
AI
The hotel property located at 1222 Atlantic Avenue in Bedford-Stuyvesant, Brooklyn, has recently undergone a refinancing transaction. The loan in the amount of $15,750,000 was provided by Optimum Bank. The landlord of the property is Abe Mendel. The brokers involved in the deal were Joshua Pollack and Dan Poleyeff from FM Capital.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $15,750,000
The hotel, with 102 rooms, is situated in Brooklyn, NY. The loan is a cash-out refinance with an out-of-state lender. It has a 30-year amortization period, with the first 12 months consisting of interest-only payments. The pre-payment penalty for the loan is 3, 2, 1.
For more information about this transaction, please contact Joshua Pollack at [email protected] or Dan Poleyeff at [email protected].
On the Map
$15,750,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.01%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93