Argentic Provides $11.5M Cash Out Refinance Loan For Mixed-Use Properties In Downtown Brooklyn
FINANCED
$11,500,000
New York
See Similar DealsMixed-use3,938 SF
Financed 05/04/2021
FINANCED
Argentic Provides $11.5M Cash Out Refinance Loan For Mixed-Use Properties In Downtown Brooklyn
710 Degraw Street, Brooklyn, NY, USA
See Similar DealsMixed-use3,938 SF
Financed 05/04/2021
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$2,920
Total Square Footage:3,938 SF
Transaction Type:Loan
A cash-out refinance loan in the amount of $11,500,000 was secured for a mixed-use property located at 710 Degraw Street, 74 1st Place, 228 Livingston Street, and 302 5th Street in Downtown Brooklyn. The loan terms include a 10-year term, interest-only payments, and it is non-recourse. Argentic, represented by Judah Samter, provided the loan.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $11,500,000
- Loan Terms: Cash out Refinance, 10 Year Term, Interest Only, Non Recourse
- Lender: Argentic - Judah Samter
- Landlord: Conway Capital
- Loan Broker: Robert Tobias - RJT Capital Partners
Robert Tobias of RJT Capital Partners acted as the loan broker in this transaction, facilitating the loan between the borrower and the lender. Conway Capital serves as the landlord for the property.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,500,000.00
Monthly NOI$76,666.67
Monthly Debt Service$72,687.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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