Dime Community Bank Provides $7.3M Loan For Mixed-Use Property In Brooklyn, Bay Ridge
310 85th St, Brooklyn, NY 11209, USA
$7,300,000
$202/SF
Building Size
36,000 SF
Asset Type
Mixed-use
Closing
Apr 16, 2019
AI
The mixed-use property located at 310 85th Street in Bay Ridge, Brooklyn has been sold in a closed transaction. The property spans over 36,000 square feet and includes both residential and commercial spaces. The transaction was facilitated by broker Charlie Terrasi from Dime Savings Bank and Scott Assouline from Meridian Capital Group.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $7,300,000
- Lender: Dime Community Bank – Team Terrasi
- Landlord: Mike Niamonitakis
- Broker: Charlie Terrasi – Dime Savings Bank & Scott Assouline @meridian.capital.group
The lender for this transaction was Dime Community Bank, represented by Team Terrasi. The property's landlord is Mike Niamonitakis. The deal was successfully closed with the assistance of broker Charlie Terrasi from Dime Savings Bank and Scott Assouline from Meridian Capital Group.
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