Madison Realty Capital Provides $31.5M Refinancing For Mixed Use New Development In Brooklyn
744 Bedford Ave, Brooklyn, NY 11205, USA
$31,500,000
$175/SF
Building Size
180,000 SF
Asset Type
Mixed-use
Closing
Mar 25, 2018
About this deal
AI
The mixed-use new development property located at 744 Bedford Avenue, Brooklyn, NY recently underwent a refinancing transaction. The developer, Bedford Roth Holdings represented by Mendel Roth, secured a 24-month floating-rate mortgage from Madison Realty Capital, represented by Josh Zegen. The loan amount for the refinancing deal was $31,500,000.
Summary of transation details
- Property Type: Mixed Use New Development
- Transaction Amount: $31,500,000
- Address: 744 Bedford Avenue, Brooklyn, NY
- Developer: Bedford Roth Holdings – Mendel Roth
- Lender: Madison Realty Capital – Josh Zegen
The property asset involved in the refinancing deal includes 88 apartments and more than 18,000 square feet of retail space. The development project will contribute to the growth of the local real estate market.
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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93