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Jenel Real Estate Secures $12.8M Refinance Loan From BankUnited For Mixed-Use Property In New York City

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FINANCED
$12,800,000

New York

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Mixed-use42,500 SF
Financed 03/18/2025
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Property Image
FINANCED

Jenel Real Estate Secures $12.8M Refinance Loan From BankUnited For Mixed-Use Property In New York City

399 Knickerbocker Avenue

See Similar Deals
Mixed-use42,500 SF
Financed 03/18/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$301
Total Square Footage:42,500 SF
Transaction Type:Loan

The property involved in this transaction is a mixed-use building located at 399 Knickerbocker Avenue in Bushwick, Brooklyn. The asset spans 42,500 square feet and has undergone refinancing with a loan amount of $12,800,000. This refinancing replaces a previous loan of $14,000,000 from Blackstone Group.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $12,800,000
  • Address: 399 Knickerbocker Avenue
  • Market: Bushwick, Brooklyn
  • Lender: BankUnited
  • Landlord: David Dushey - Jenel Real Estate
  • Loan Type: Refinance

This deal involves key stakeholders including BankUnited as the lender and David Dushey of Jenel Real Estate representing the landlord in the refinancing of the building. The transaction serves to replace the existing loan from Blackstone Group, indicating a strategic financial move by the property management entity.

Players

Bank United
Bank United
LENDER

Details

FINANCED
IMAGE: Michael Hirschhorn DATE: 03/18/2025 ADDRESS: 399 Knickerbocker Avenue MARKET: Bushwick, Brooklyn ASSET TYPE: Mixed-use ~ SF: 42,500 LENDER: BankUnited (@BankUnited.Official) LANDLORD: David Dushey - Jenel Real Estate LOAN AMOUNT: $12,800,000 LOAN TYPE: Refinance NOTE: Jenel Real Estate refinanced the mixed-use building at 399 Knickerbocker Avenue in Bushwick, Brooklyn, with a $12.8M loan from BankUnited, replacing a $14M loan from Blackstone Group.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,800,000.00

Monthly NOI$85,333.33
Monthly Debt Service$80,904.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00