Updated Sep 9, 2024
Meridian Capital Group Refinances Brooklyn Industrial Property For $7.6M
507 Wortman Avenue
$7,620,000
$7,620,000/SF
Building Size
1 SF
Asset Type
Industrial
Closing
Dec 21, 2022
About this deal
AI
Meridian Capital Group brokers Matt Buggenhagen and Jason Labriola facilitated a refinance loan for an industrial property in Brooklyn. The property is located at 507 Wortman Avenue and 603-609 Fountain Avenue.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $7,620,000
The loan terms for this transaction include a 5-year term with 2 years of interest-only payments. After the interest-only period, there will be a 30-year amortization schedule. The interest rate for the loan is set at 5.25%.
The loan was secured through the efforts of Meridian Capital Group brokers, Matt Buggenhagen and Jason Labriola. The Meridian Capital Group played a crucial role in facilitating the refinance deal for this industrial property in Brooklyn.
Players
Brooklyn NY Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
Loading comparables…
Deal FAQ
Visit Jason Labriola to view all their deals.
Browse Brooklyn NY industrial loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.08%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93