Leviathan Capital Facilitates $1.47M Loan For Mixed-Use Property At 671 Henry St. In Brooklyn

The mixed-use property located at 671 Henry Street in Brooklyn's Carroll Gardens neighborhood has been involved in a closed transaction. The property consists of 5-over-1 units and has a gross square footage (GSF) of 5,144. The transaction involved a loan from Spring Bank in the amount of $1,470,000. The loan is set at a 70% loan-to-purchase ratio and carries an initial interest rate of 6.50% on an interest-only basis. Upon receipt of the certificate of occupancy (C/O), the interest rate will step down to 5.5%.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $1,470,000
• Address: 671 Henry Street, Brooklyn
• Market: Carroll Gardens
• Lender: Spring Bank
• Landlord: Dan Pipitone, John Ferrara, & John Muscatella
• Broker: Joe Hach – Leviathan Capital
• GSF: 5,144
• Units: 5-over-1

Represented by broker Joe Hach from Leviathan Capital, the transaction involved key individuals such as Dan Pipitone, John Ferrara, and John Muscatella who acted as the landlords. The loan provided by Spring Bank played a significant role in facilitating the purchase of the property.