Glenn Grimaldi Of Naftali Credit Partners Provides $18.5M Loan To Urban Development Partners
167-174 4th Avenue
$18,500,000
Building Size
—
Asset Type
Mixed-use
Closing
Dec 5, 2024
About this deal
AI
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.
Players
Brooklyn 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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93