Hakimian Capital Provides $2M Acquisition & Renovation Loan For Ridgewood Mixed-use Property
1711 Grove Street, Ridgewood, Queens, NY 11385, USA
$2,000,000
$408/SF
Building Size
4,900 SF
Asset Type
Mixed-use
Closing
Oct 22, 2021
About this deal
AI
1711 Grove Street in Ridgewood was recently involved in a closed transaction. The mixed-use property spans approximately 4,900 square feet. The property is located in the Ridgewood market.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $2,000,000
- Lender: Hakimian Capital - Sammy Hakimian, Daniel Nadri & Michael Hakimian
- Landlord: 1711 Grove Partners - Sinai Sassouni
- Loan Type: Acquisition + Renovation Loan
Hakimian Capital, represented by Sammy Hakimian, Daniel Nadri, and Michael Hakimian, acted as the lender in this transaction. 1711 Grove Partners, represented by Sinai Sassouni, was the landlord. The loan amount for this acquisition and renovation loan was $2,000,000. The borrower approached Hakimian Capital just two days before the transaction of escrow (TOE) deadline, as their previous lender was causing delays. Hakimian Capital was able to fund the deal smoothly and expeditiously without the need for any third-party reports.
On the Map
$2,000,000
$408/SF
Mixed-use
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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
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93