Updated Oct 29, 2024
Patriot Bank Refinances Industrial Property In Red Hook, Brooklyn For $7.5M
185 Van Dyke Street, Brooklyn, New York 11231, United States
$7,500,000
$67,567/SF
Building Size
111 SF
Asset Type
Industrial
Closing
Dec 12, 2022
About this deal
AI
The industrial property located at 185 Van Dyke Street in Red Hook, Brooklyn has been involved in a recent transaction. The property has a total building square footage of 111,265 square feet and a building square footage of 325,624 square feet. The transaction details include a loan refinance.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $7,500,000
- Address: 185 Van Dyke Street
- Market: Red Hook, Brooklyn
- Loan Type: Refinance
Patriot Bank, represented by Tommy Tran, provided the loan for the refinance. The loan amount is $7,500,000. The landlord of the property is Lande Alexander Properties Inc, represented by Lande Alexander and Brian Robbins.
Players
Brooklyn Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93