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Loan · Industrial

Warren Krupp Of American Bancshares Refinances Industrial Property On Long Island For $5.5M
FINANCEDIndustrial

Warren Krupp Of American Bancshares Refinances Industrial Property On Long Island For $5.5M

$5,500,000

$91/SF

Building Size

60,000 SF

Asset Type

Industrial

Closing

Feb 28, 2024

AI

The industrial property located at 301 Locust Avenue in Long Island, NY, spans 60,000 square feet. The property was refinanced for $5,500,000 with Eric Kraftsow from Kraftsow Family Investments providing the loan. The landlord of the property is James Turco of Modern Italian Bakery. The broker involved in this transaction was Warren Krupp from American Bancshares Mortgage.

Summary of transaction details:

Noteworthy individuals in this deal include Eric Kraftsow, who represented Kraftsow Family Investments as the lender, and James Turco, the landlord of Modern Italian Bakery. Additionally, Warren Krupp, from American Bancshares Mortgage, played a pivotal role as the broker in this refinancing transaction.

Players

Warren Krupp

American Bancshares Mortgage

Broker

$11.7M

vol

3 deals

Broker
KI
Kraftsow Family InvestmentsLender

Market Industrial Market Snapshot

Boundary boundary · Industrial · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.88%

Cash-on-Cash

-0.82%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93