Signature Bank Provides $37.5M Refinance Loan For Mixed-Use Property At 500 Driggs Avenue In Brooklyn
500 Driggs Avenue
$37,500,000
Building Size
—
Asset Type
Mixed-use
Closing
Jun 24, 2022
About this deal
AI
The mixed-use property located at 500 Driggs Avenue in Brooklyn has undergone a refinancing transaction. The loan was provided by Signature Bank, with Joe Fingerman, Dino Venetsanakos, and Paul Kotronis representing the bank. The loan amount for this transaction was $37,500,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $37,500,000
- Lender: Signature Bank - Joe Fingerman, Dino Venetsanakos & Paul Kotronis
- Brokers: Isaac Filler, Yossi Koschitzki & Elliot Levy - Meridian Capital Group
The Meridian Capital Group, represented by Isaac Filler, Yossi Koschitzki, and Elliot Levy, acted as brokers in this refinancing deal. Their expertise and efforts were instrumental in facilitating the transaction and ensuring a successful outcome.
On the Map
$37,500,000
Mixed-use
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Players
New York 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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93