Matt Swerdlow Acquires Mixed Use Property In East Harlem With $7.3M Loan From Sterling National Bank
2191 3rd Ave, New York, NY 10035, USA
$7,325,000
$46/SF
Building Size
157,650 SF
Asset Type
Mixed-use
Closing
Sep 25, 2019
About this deal
AI
Matt Swerdlow of Sterling National Bank provided a loan of $7,325,000, which amounted to 75% of the loan-to-value (LTV) ratio, for a mixed-use property located at 2191 Third Avenue in East Harlem. The property spans 15,765 square feet and is owned by START Treatment & Recovery – Dr. Lawrence S. Brown, Jr.
Summary of transaction details
- Property Type: Mixed Use
- Transaction Amount: $7,325,000
- Address: 2191 Third Avenue
- Market: East Harlem
- Lender: Sterling National Bank
- Landlord: START Treatment & Recovery – Dr. Lawrence S. Brown, Jr
Matt Swerdlow, a broker at Sterling National Bank, represented the parties involved in this transaction. He played a crucial role in securing the loan for the property.
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
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93