Lancewood Capital Provides $5.2M Bridge Loan For Mixed-Use Property Acquisition & Renovation At 317 East 5th Street In East Village
FINANCED
$5,200,000
New York
See Similar DealsMixed-use81,000 SF
Financed 10/24/2018
FINANCED
Lancewood Capital Provides $5.2M Bridge Loan For Mixed-Use Property Acquisition & Renovation At 317 East 5th Street In East Village
317 E 5th St, New York, NY 10003, USA
See Similar DealsMixed-use81,000 SF
Financed 10/24/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$64
Total Square Footage:81,000 SF
Transaction Type:Loan
The property involved in this closed transaction is located at 317 East 5th Street in the East Village. It is a mixed-use property. The transaction took place on October 24, 2018. The property was sold to an undisclosed buyer.
Summary of transaction details:
- Property Type: Mixed Use
- Transaction Amount: $5,200,000
- Lender: Lancewood Capital
- Landlord: Penn South Capital
- Brokers: Mendy Pfeifer and Motti Blau – Eastern Union
- Loan Type: Bridge Loan – Acquisition & Renovation
- Loan Amount: $5,200,000
- Rate: Sub 7%
The deal was facilitated by brokers Mendy Pfeifer and Motti Blau from Eastern Union. The loan provided by Lancewood Capital was a bridge loan for acquisition and renovation purposes. The loan amount was $5,200,000 with a rate below 7%.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,200,000.00
Monthly NOI$34,666.67
Monthly Debt Service$32,867.54
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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