Updated Dec 4, 2024
Kenneth Cayre's Cayre Equities Secures $24.2M Refinancing Loan For 1260 Atlantic Avenue Property In Crown Heights, Brooklyn
1260 Atlantic Avenue
$24,200,000
$262/SF
Building Size
92,191 SF
Asset Type
Industrial
Closing
Sep 12, 2023
About this deal
AI
The storage building located at 1260 Atlantic Avenue in Crown Heights, Brooklyn has secured a refinancing loan of $24.2 million. The property is an industrial asset with a total square footage of 92,191. The loan was obtained from Gerard DePoalo and Judy Barnes, representing Bank Hapoalim. The landlord of the property is Kenneth Cayre of Cayre Equities.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $24,250,000
- Address: 1260 Atlantic Avenue, Crown Heights, Brooklyn
- Lender: Gerard DePoalo & Judy Barnes - Bank Hapoalim
- Landlord: Kenneth Cayre - Cayre Equities
Cayre Equities, represented by Kenneth Cayre, successfully secured the $24.2 million refinancing loan from Bank Hapoalim for the storage building at 1260 Atlantic Avenue in Crown Heights, Brooklyn.
On the Map
$24,200,000
$262/SF
Industrial
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Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93