Modern Bank Provides $4.4M Refinance Loan For Mixed-Use Property In Carrol Gardens
451 Court Street
$4,400,000
$307/SF
Building Size
14,300 SF
Asset Type
Mixed-use
Closing
Feb 15, 2023
AI
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
New Bedford 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
3.61%
Cash-on-Cash
-1.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93