Progress Capital Brokers $1M Loan For Mixed-use Property In Crown Heights
567 Nostrand Avenue, Crown Heights, Brooklyn, NY, USA
$1,000,000
$314/SF
Building Size
3,177 SF
Asset Type
Mixed-use
Closing
May 10, 2021
AI
567 Nostrand Avenue in Crown Heights has recently been involved in a closed transaction. The mixed-use property was the center of attention in this deal.
Summary of Transaction Details:
- Property Type: Mixed-use
- Transaction Amount: $1,000,000
- Market: Crown Heights
- Lender: Bert R. Dweck of irshmarkCapital
- Landlord: Otto Streicher
- Brokers: Abe Mann and Evan Boles of Progress Capital
Bert R. Dweck of irshmarkCapital provided the loan amount of $1,000,000 to facilitate this transaction. The property's landlord, Otto Streicher, played a significant role in the deal. Representing the parties involved were brokers Abe Mann and Evan Boles of Progress Capital.
If you're interested in discussing your commercial real estate financing needs, reach out to Abe Mann at 917-574-3810 or [email protected]. Evan Boles can also be contacted at 732-539-5461 or [email protected].
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
15.86%
Cash-on-Cash
-4.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93