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Loan Secured For Mixed-Use Property At 159 Grand Street Brooklyn For $2,600,000

Property Image
FINANCED
$2,600,000
Russell Nova
Michael Bushkanets
Michael Gefter

New York

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Mixed-use3,150 SF
Financed 06/20/2024
the dealplayerscompscontact
Property Image
FINANCED

Loan Secured For Mixed-Use Property At 159 Grand Street Brooklyn For $2,600,000

159 Grand Street

See Similar Deals
Mixed-use3,150 SF
Financed 06/20/2024
Russell Nova
Michael Bushkanets
Michael Gefter
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$825
Total Square Footage:3,150 SF
Transaction Type:Loan

The asset involved in this transaction is a mixed-use property located at 159 Grand Street in Brooklyn. The property spans a total area of 3,150 square feet and is associated with a loan amount of $2,600,000.

Summary of transaction details:

Russell Nova and Michael Gefter from Cornerstone Capital Financing played crucial roles in arranging favorable loan terms that cater to a long-term hold and cash-flow strategy. Michael Bushkanets from Compass also contributed significantly by closely collaborating with the property's owner, facilitating the transaction in a timely manner for the sponsors, who were eager to acquire an investment property in the Dumbo area.

Players

Michael Bushkanets
Compass
Michael Bushkanets
4 deals$12.5M volume(516) 313-2966
BROKER
Russell Nova
Cornerstone Capital Financing
Russell Nova
76 deals$491.1M volume
BROKER
Michael Gefter
Wolf Investment Partners
Michael Gefter
28 deals$113.4M volume(203) 496-3296
BROKER

Details

FINANCED
IMAGE: Russell Nova, Michael Gefter & Michael Bushkanets DATE: 06/20/2024 ADDRESS: 159 Grand Street MARKET: Brooklyn ASSET TYPE: Mixed-use ~ SF: 3,150 BROKERS: Russell Nova (@RussellNova) & Michael Gefter (@MikeGeft) - Cornerstone Capital Financing (@CornerstoneCapitalofNY); Michael Bushkanets (@MichaelBushkanets) - Compass (@Compass) LOAN AMOUNT: $2,600,000 LOAN TYPE: Refinance LOAN TERMS: 3 YEAR FIXED / 30 YEAR TERM / NON-RECOURSE / NO LENDER FEES NOTE FROM BROKER: Great Team effort by @RussellNova and @Mikegeft of @CornerstoneCapitalofNY. The Team at @CornerstoneCapitalofNY were able to provide favorable terms for the sponsor, as this will be a long-term hold and a true cash-flow play. As such, it was imperative to pair sponsorship with a lender who is committed to a long-term relationship. The sponsors were in a rush scenario, as they were looking to purchase an Investment Property in the Dumbo area Amazing work by @Michaelbushkanets for working closely with the owner of the property. @CornerstoneCapitalofNY is committed to providing Aggressive Financing Terms, specifically geared with ownership in mind. We have Underwriters, Loan Coordinators, Credit Managers, and Analysts all working together on each file to a seamless process. Contact US and Envision yourself at the Thank you for your Russell Nova, Principal / Business Development 917 - 559 - 1820 - Cell [email protected] Michael Gefter, Senior Relationship Manager 203 - 809 - 9711 - Cell [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,600,000.00

Monthly NOI$17,333.33
Monthly Debt Service$16,433.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00