Fereidoon Behin Secures $8.6M Refinancing Loan For Ridgewood Properties With Ready Capital
56-50 Myrtle Avenue, 56-48 Myrtle Avenue & 56-52 Myrtle Avenue
$8,600,000
$174/SF
Building Size
16,400 SF
Asset Type
Mixed-use
Closing
Jan 10, 2024
AI
The transaction involves four properties located at 56-50 Myrtle Avenue, 56-48 Myrtle Avenue, and 56-52 Myrtle Avenue in the Ridgewood market of Queens. The asset type comprises mixed-use and retail spaces, with a combined building square footage (BSF) of 26,598 and a total square footage (SF) of 16,400.
Summary of transaction details:
- Property Type: Mixed-use & Retail
- Transaction Amount: $8,620,000
- Lender: Ready Capital
- Lender's Representative: Melissa Perez
- Landlord: Fereidoon Behin
- Loan Type: Refinance
Fereidoon Behin, who is represented by Myrtle Ave Development Partners 2 LLC, secured an $8.6 million refinancing loan from Ready Capital through Readycap Commercial, LLC. This deal highlights the involvement of key parties in facilitating the refinancing process for the specified properties in Ridgewood, Queens.
Players
Ridgewood 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
1.84%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93