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IceCap Group Refinances Mixed-Use Property In Red Hook For $3.3M

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FINANCED
$3,300,000

New York

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Mixed-use6,300 SF
Financed 08/08/2022
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Property Image
FINANCED

IceCap Group Refinances Mixed-Use Property In Red Hook For $3.3M

253 Van Brunt Street

See Similar Deals
Mixed-use6,300 SF
Financed 08/08/2022
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$523
Total Square Footage:6,300 SF
Transaction Type:Loan

253 Van Brunt St. in Red Hook has been recently refinanced with a loan amount of $3,300,000. This mixed-use property spans over 6,300 square feet and is located in the vibrant market of Red Hook. The loan was secured by ICECap Group and represented by Mordi Lati and Ezra Dweck. The landlord of the property is Lee Cohen.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $3,300,000
  • Address: 253 Van Brunt St.
  • Square Footage: 6,300
  • Market: Red Hook

The loan, provided by ICECap Group, was successfully closed within one week of signing the term sheet. The timely refinancing allowed for the payment of the maturing debt on the property. This demonstrates the efficiency and cooperation of all parties involved in the transaction. For any inquiries regarding the loan, Mordi Lati of ICECap Group can be contacted at 917.294.1180 or [email protected].

Players

2 deals$7.1M volume
BROKER

Ice Cap Group
LENDER

Lee Cohen
25 deals$299M volume
LANDLORD

Details

FINANCED
IMAGE: Mordi Lati, Lee Cohen & Ezra Dweck DATE: 08/08/2022 ADDRESS: 253 Van Brunt St. MARKET: Red Hook ASSET TYPE: Mixed-use ~ SF: 6,300 LENDER: ICECap Group (@ICECapGroup) - Mordi Lati (@MordiLati) & Ezra Dweck LANDLORD: Lee Cohen (@TheLeeCohen) - RedHoek (@RedHoek) LOAN AMOUNT: $3,300,000 LOAN TYPE: Refinance NOTE FROM LENDER: Within one week of signing the term sheet, we were able to close on the refinance of 253 Van Brunt, just in time to pay off the current maturing debt on this asset. Great work from all parties involved in this transaction. Mordi Lati ICECap Group D. 917.294.1180 E. [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$3,300,000.00

Monthly NOI$22,000.00
Monthly Debt Service$20,858.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00