Spring Bank Provides $5.75M Refinance Loan For Sunset Park Hotel
646 39th St Brooklyn, NY 11232, USA
$5,750,000
$230/SF
Building Size
25,000 SF
Asset Type
Hotel
Closing
Aug 2, 2023
About this deal
AI
The property involved in the transaction is a hotel located at 646 39th Street in the Sunset Park neighborhood of Brooklyn. The hotel has a total area of 25,000 square feet.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $5,750,000
- Lender: Spring Bank
- Brokers: Isaac Blyakher - Refined & Annie Zhang
- Loan Type: Refinance
In the deal, Spring Bank provided a loan of $5,750,000 for the refinance of the hotel property located at 646 39th Street. Isaac Blyakher from Refined and Annie Zhang were involved as brokers representing the parties in the transaction.
On the Map
$5,750,000
$230/SF
Hotel
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Players
Brooklyn Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.76%
Cash-on-Cash
-0.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93