Morris Dweck Of KSR Arranges $2.2M Acquisition Loan For Thrive Management NY In Clinton Hill
507 Myrtle Avenue
$2,200,000
$586/SF
Building Size
3,750 SF
Asset Type
Mixed-use
Closing
Jun 4, 2025
AI
The property involved in this transaction is a mixed-use asset located at 507 Myrtle Avenue in the Clinton Hill market, with a total square footage of 3,750. The acquisition loan amount secured is $2,200,000, structured with terms of 5 years and a 30-year amortization period, alongside a rate of 2.75 bps over the 5-year UST.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $2,200,000
- Loan Type: Acquisition
- Loan Terms: 5 years / 30-year amortization, 2.75 bps over 5-year UST
- Address: 507 Myrtle Avenue
- Market: Clinton Hill
- Landlord: Thrive Management NY
- Broker: Morris Dweck - KSR
Morris Dweck of KSR Capital facilitated the acquisition loan for a client engaged in a 1031 exchange concerning the mixed-use property. Dweck's efforts successfully identified a lender who allowed for a cannabis tenant to occupy one of the retail spaces on the ground floor.
Players
Brooklyn 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
7.21%
Cash-on-Cash
-2.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93