Modern Bank Provides $4.4M Refinance Loan For Mixed-Use Property In Carrol Gardens
FINANCED
$4,400,000
New York
See Similar DealsMixed-use14,300 SF
Financed 02/15/2023
FINANCED
Modern Bank Provides $4.4M Refinance Loan For Mixed-Use Property In Carrol Gardens
451 Court Street
See Similar DealsMixed-use14,300 SF
Financed 02/15/2023
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$307
Total Square Footage:14,300 SF
Transaction Type:Loan
The mixed-use property located at 449-451 Court St in Carrol Gardens is the subject of a recent loan transaction. The property spans 14,300 square feet and is situated in a prime market.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $4,400,000
- Date: 02/15/2023
- Lender: Modern Bank
- Landlord: Jason Greenberg - Z+G Property Group
- Broker: Jake Gluck - Fortune Capital Group
- Loan Type: Refinance
- Loan Terms: Non-Recourse
The loan, facilitated by Modern Bank, involved the refinancing of the property. The terms of the loan are non-recourse, providing favorable conditions for the landlord, Jason Greenberg of Z+G Property Group. The transaction was brokered by Jake Gluck of Fortune Capital Group.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$4,400,000.00
Monthly NOI$29,333.33
Monthly Debt Service$27,810.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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