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Argentic Real Estate Finance Provides $32M Refinance Loan For Mixed-Use Property In Downtown Brooklyn

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FINANCED
$32,000,000

New York

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Mixed-use475,000 SF
Financed 09/27/2021
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Property Image
FINANCED

Argentic Real Estate Finance Provides $32M Refinance Loan For Mixed-Use Property In Downtown Brooklyn

384-390 Fulton Street, Brooklyn, NY, USA

See Similar Deals
Mixed-use475,000 SF
Financed 09/27/2021
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$67
Total Square Footage:475,000 SF
Transaction Type:Loan

Located in Downtown Brooklyn, the mixed-use property situated at 384-390 Fulton Street has recently undergone a significant transaction. Spanning a total area of 475,000 square feet, this property offers a diverse range of uses and amenities, making it a valuable asset in the market.

Summary of Transaction Details

  • Property Type: Mixed-use
  • Transaction Amount: $32,000,000
  • Address: 384-390 Fulton Street
  • Market: Downtown Brooklyn

In the loan transaction, the borrower secured financing through Argentic Real Estate Finance. The loan amount of $32,000,000 was obtained for the purpose of refinancing the property, providing the borrower with financial flexibility and potential cost savings.

Serving as the landlord for the property is Sutton Management, led by Sam Sutton and Abe Sutton. Their role in the transaction showcases their continued involvement and commitment to the property's success.

Details

FINANCED
IMAGE: 09/27/2021 ADDRESS: 384-390 Fulton Street MARKET: Downtown Brooklyn ASSET TYPE: Mixed-use ~ SF: 475,000 LENDER: Argentic Real Estate Finance LANDLORD: Sutton Management - Sam Sutton & Abe Sutton LOAN AMOUNT: $32,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$32,000,000.00

Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00