NYCB Provides $6.35M Refinance Loan For Mixed-Use Property In Brooklyn. Michael Helmreich & Avi Geller - Meridian Capital Group Brokers The Deal
641 President Street, Brooklyn, New York 11215, United States
$6,350,000
Building Size
—
Asset Type
Mixed-use
Closing
Feb 23, 2022
About this deal
AI
A mixed-use property located at 641 President Street and 137 5th Avenue in Brooklyn has undergone a refinancing transaction. The loan was provided by NYCB in the amount of $6,350,000. The terms of the loan include a 5+5-year period with an interest rate of 3.375% and an amortization period of 30 years.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $6,350,000
- Loan Type: Refinance
- Loan Terms: 5+5 years
- Loan Rate: 3.375%
- Loan Amortization: 30 years
The transaction was facilitated by brokers Michael Helmreich and Avi Geller from Meridian Capital Group, who represented the parties involved in the deal.
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
2.50%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93