First Republic Bank Refinances Industrial Property In Canarsie For $40M With Broadway Stages As Landlord
570 East 108th Street, Brooklyn, New York 11236, United States
$40,000,000
$225/SF
Building Size
177,386 SF
Asset Type
Industrial
Closing
Jul 12, 2022
AI
A loan was recently obtained for an industrial property located at 570 East 108th Street in Canarsie. The property has a total area of 177,386 square feet. The loan was secured through First Republic Bank for a total amount of $40,000,000. The loan type for this transaction was a refinance.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $40,000,000
- Address: 570 East 108th Street
- Market: Canarsie
- Landlord: Broadway Stages - Gina Argento
Gina Argento, the representative of Broadway Stages, played a key role in the loan transaction. The involvement of First Republic Bank as the lender is also noteworthy.
Players
New York 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93