Hanover Community Bank Provides $2M Refinance Loan For Mixed-Use Property On Pitkin Ave
FINANCED
$2,018,000
New York
See Similar DealsMixed-use9,520 SF
Financed 07/18/2022
FINANCED
Hanover Community Bank Provides $2M Refinance Loan For Mixed-Use Property On Pitkin Ave
1731 Pitkin Avenue
See Similar DealsMixed-use9,520 SF
Financed 07/18/2022
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$212
Total Square Footage:9,520 SF
Transaction Type:Loan
The property asset involved in the transaction is a mixed-use building located at 1731 Pitkin Ave., situated in the Brownsville market. The asset spans a total of 9,520 square feet and had a loan amount of $2,018,000 structured as a refinance.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $2,018,000
- Loan Type: Refinance
- Lender: Hanover Community Bank
- Landlord: Bradley Zar
- Broker: Max Ralby - HKS Real Estate Advisors
The borrowers acquired the mixed-use asset in July 2021 while it was 80% vacant. They have successfully repositioned and stabilized the property, obtaining a new certificate of occupancy, which enabled them to pursue the refinance 12 months later.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,018,000.00
Monthly NOI$13,453.33
Monthly Debt Service$12,755.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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