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:
- Property Type: Industrial
- Transaction Amount: $5,500,000
- Address: 301 Locust Avenue
- Market: Long Island, NY
- Lender: Eric Kraftsow - Kraftsow Family Investments
- Landlord: James Turco - Modern Italian Bakery
- Broker: Warren Krupp - American Bancshares Mortgage
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
Market 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
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93