Dime Community Bank Closes $20 Million Refinance For Mixed-Use Building In Brooklyn

A mixed-use asset located in Brooklyn, NY secured a cash-out refinance loan amounting to $20,000,000. The transaction involves a flex office/industrial building under a loan with a rate of 5.75%. The terms include a non-recourse loan with a duration of 3 years and a 3-2-0% stepdown prepayment structure.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $20,000,000
• Lender: Dime Community Bank
• Loan Type: Refinance
• Loan Terms: 5.75% Rate, Non-recourse, 3-Year Term, 3-2-0% Stepdown Prepay
• Brokers: Judah Hammer, Shamir Seidman & Jeff Feldman - CBRE

CBRE played a crucial role in the loan negotiation, managing to secure the loan at the original application rate amid a rising interest rate environment. The loan successfully closed in less than 45 days, reflecting the efficiency of the brokerage team involved.