Emerald Creek Capital Refinances Mixed-Use Building In Brooklyn For $5.25M
159 Smith Street, Brooklyn, NY 11201
$5,250,000
$1,312/SF
Building Size
4,000 SF
Asset Type
Mixed-use
Closing
Dec 28, 2017
About this deal
AI
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.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.02%
Cash-on-Cash
-0.86%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93