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Glenn Grimaldi Of Naftali Credit Partners Provides $18.5M Loan To Urban Development Partners
FINANCED
$18,500,000
New York
See Similar DealsMixed-use
Financed 12/05/2024
FINANCED
Glenn Grimaldi Of Naftali Credit Partners Provides $18.5M Loan To Urban Development Partners
167-174 4th Avenue
See Similar DealsMixed-use
Financed 12/05/2024
Summary
NEW YORK
Asset Type:Mixed-use
Transaction Type:Loan
The transaction involves a mixed-use asset located at 167-174 4th Avenue in the Park Slope market. The lender, Naftali Credit Partners, has provided a loan amount of $18,500,000 for this 16-story development, which is set to encompass various uses to enhance the local area.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $18,500,000
- Lender: Glenn Grimaldi - Naftali Credit Partners
- Landlord: Kenneth G. Browne - Urban Development Partners
This transaction was facilitated by the involvement of Glenn Grimaldi and Miki Naftali, who represent Naftali Credit Partners in this financing arrangement. Kenneth G. Browne, representing Urban Development Partners, is the landlord in this transaction which aims to advance urban development in the Park Slope area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$18,500,000.00
Monthly NOI$123,333.33
Monthly Debt Service$116,932.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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