Emerald Creek Capital Refinances Mixed-Use Building In Brooklyn For $5.25M
FINANCED
$5,250,000
New York
See Similar DealsMixed-use4,000 SF
Financed 12/29/2017
FINANCED
Emerald Creek Capital Refinances Mixed-Use Building In Brooklyn For $5.25M
159 Smith Street, Brooklyn, NY 11201
See Similar DealsMixed-use4,000 SF
Financed 12/29/2017
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,312
Total Square Footage:4,000 SF
Transaction Type:Loan
A mixed-use building located at 159 Smith Street in Brooklyn was recently refinanced. The property consists of 8 one-bedroom residential units, ground floor double height retail, and below grade commercial space. With a total square footage of 9,371 sf, this building offers a diverse range of uses to its tenants. The transaction took place on December 29, 2017.
Summary of transaction details:
- Property Type: Mixed-use building
- Transaction Amount: $5,250,000
- Address: 159 Smith Street, Brooklyn
- Lender: Emerald Creek Capital
- Broker: Michael Chelala
Michael Chelala, representing the borrower in this deal, successfully negotiated a refinancing agreement with a cash out component. The borrower was able to secure additional funds to complete the construction project, thanks to Michael's efforts.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,250,000.00
Monthly NOI$35,000.00
Monthly Debt Service$33,183.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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