LMF Commercial Provides $4.375M CMBS Loan For Mixed-Use Property In Park Slope
FINANCED
$4,375,000
New York
See Similar DealsMixed-use1,420 SF
Financed 12/22/2020
FINANCED
LMF Commercial Provides $4.375M CMBS Loan For Mixed-Use Property In Park Slope
57 4th Avenue, Park Slope, Brooklyn, NY, USA
See Similar DealsMixed-use1,420 SF
Financed 12/22/2020
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$3,081
Total Square Footage:1,420 SF
Transaction Type:Loan
A mixed-use property located at 57 4th Avenue in Park Slope has been involved in a recent loan transaction. The loan was secured from LMF Commercial, a subsidiary of Lennar Co., with Nihad Choudhury acting as the lender representative. The loan amount was $4,375,000, and it was structured with CMBS terms, featuring a 10-year fixed term with a 5-year interest-only period.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $4,375,000
- Asset Type: Mixed-use
- Date: 12/22/2020
- Address: 57 4th Avenue
- Market: Park Slope
In addition to the lender, Conway Capital, represented by Abe Cohen, is the landlord of the property. The broker involved in the deal is Jonathan Singer from Strategic Funding Corp.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$4,375,000.00
Monthly NOI$29,166.67
Monthly Debt Service$27,652.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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