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Fereidoon Behin Secures $8.6M Refinancing Loan For Ridgewood Properties With Ready Capital

Property Image
FINANCED
$8,600,000

New York

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Mixed-use49,200 SF
Financed 01/10/2024
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Property Image
FINANCED

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

See Similar Deals
Mixed-use49,200 SF
Financed 01/10/2024
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$174
Total Square Footage:49,200 SF
Transaction Type:Loan

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

FB
Fereidoon Behin
1 deal$8.6M volume
BROKER
Ready Capital
Ready Capital
LENDER

Details

FINANCED
IMAGE: 01/10/2024 ADDRESS: 56-50 Myrtle Avenue, 56-48 Myrtle Avenue & 56-52 Myrtle Avenue MARKET: Ridgewood, Queens ASSET TYPE: Mixed-use & Retail ~ BSF: 26,598 ~ SF: 16,400 LENDER: Ready Capital - Melissa Perez LANDLORD: Fereidoon Behin LOAN AMOUNT: $8,620,000 LOAN TYPE: Refinance NOTE: Fereidoon Behin, represented by Myrtle Ave Development Partners 2 LLC, secured an $8.6 million refinancing loan from Ready Capital through Readycap Commercial, LLC for four properties in Ridgewood, Queens.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,600,000.00

Monthly NOI$57,333.33
Monthly Debt Service$54,357.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00