Updated Jun 30, 2026
LBA Realty Secures $22.8 Million Refinance From City National Bank For Red Hook Properties
236 Richards Street, 118 Beard Street & 116 Beard Street
$22,800,000
Building Size
—
Asset Type
Industrial
Closing
May 29, 2026
About this deal
AI
The asset involved in this transaction comprises three properties located in Red Hook, Brooklyn, specifically at 236 Richards Street, 118 Beard Street, and 116 Beard Street. The properties include industrial buildings and a hotel, collectively benefiting from the secured refinancing arrangement.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $22,800,000
- Lender: City National Bank
- Landlord: LBA Realty
- Loan Type: Refinance
LBA Realty engaged City National Bank to facilitate the refinancing for these properties, indicating a strategic financial move for the management of their holdings in the Brooklyn market.
On the Map
$22,800,000
Industrial
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Players
Richards Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93