Lek Fang Secures $8.16 Million Refinance Loan From Preferred Bank For Mixed-Use Property In Brooklyn
242 Flatbush Avenue, 80 6th Avenue & 353 Flatbush Avenue
$8,160,000
$165/SF
Building Size
16,426 SF
Asset Type
Mixed-use
Closing
Mar 31, 2025
About this deal
AI
The asset involved in this transaction is a mixed-use property located at 242 Flatbush Avenue, 80 6th Avenue & 353 Flatbush Avenue in Brooklyn. The total square footage of the property is 16,426. The transaction includes a loan amount of $8,160,000, which is a refinance loan with a fixed interest rate for a duration of 5 years.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $8,160,000
- Loan Type: Refinance
- Loan Terms: 5 Year Fixed, Competitive Interest Rate
- Lender: Preferred Bank
- Landlord: Lek Fang
- Broker: Isaac Blyakher - Blyakher Real Estate
Isaac Blyakher is the founder of Blyakher Real Estate and specializes in customized financing solutions for investment properties. His expertise encompasses acquiring, refinancing, and securing construction funding, providing tailored strategies to meet client needs.
On the Map
$8,160,000
$165/SF
Mixed-use
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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
1.94%
Cash-on-Cash
-0.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93