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625 Atlantic Avenue

Updated Dec 4, 2024

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Madison International Realty Refinances 625 Atlantic Avenue Mixed-Use For $69M
FINANCEDMixed-use

Madison International Realty Refinances 625 Atlantic Avenue Mixed-Use For $69M

625 Atlantic Avenue

$69,000,000

Building Size

Asset Type

Mixed-use

Closing

Mar 18, 2024

About this deal

AI

The property involved in the transaction is a mixed-use building located at 625 Atlantic Avenue in Fort Greene, Brooklyn. The loan amount for this property was $69,000,000, and it was part of a refinancing deal with Voya Investment Management.

Summary of transation details:

  • Property Type: Mixed-use
  • Transaction Amount: $69,000,000
  • ADDRESS: 625 Atlantic Avenue
  • MARKET: Fort Greene, Brooklyn
  • LENDER: Jason Tessler - Voya Investment Management
  • LANDLORD: Ronald M. Dickerman - Madison International Realty
  • LOAN TYPE: Refinance

Madison International Realty, represented by Atlantic Center Fort Greene Associates, LLC, successfully secured the $69 million refinance loan from Voya Investment Management for two properties. In addition to the mixed-use building at 625 Atlantic Avenue, the loan also covered a specialty building located at an undisclosed location in Fort Greene, Brooklyn.

Players

Voya Investment Management
Voya Investment ManagementLender

Brooklyn 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

0.23%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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