New York Community Bank Modifies $2.68M Loan For 76 Pearl Street Mixed-Use Property In FiDi
76 Pearl Street, New York City, New York 10004, United States
$2,685,000
$309/SF
Building Size
8,665 SF
Asset Type
Mixed-use
Closing
Dec 7, 2021
AI
A mixed-use property located at 76 Pearl Street in the Financial District (FiDi) recently underwent a loan modification. The loan was facilitated by New York Community Bank, and the transaction was brokered by Michael Helmreich and Avi Geller of Meridian Capital Group. The loan amount was $2,685,000, and it carries a term of 5 years and a rate of 3.5%.
Summary of transaction details:
- Property Type: Mixed-use
- Address: 76 Pearl Street
- Market: FiDi
- Lender: New York Community Bank
- Brokers: Michael Helmreich & Avi Geller - Meridian Capital Group
- Loan Amount: $2,685,000
- Loan Type: Modification
- Loan Term: 5 Years
- Loan Rate: 3.5%
Michael Helmreich and Avi Geller of Meridian Capital Group played a key role in facilitating this loan modification. Their expertise in the industry and their representation of the parties involved contributed to the successful completion of this 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
5.91%
Cash-on-Cash
-1.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93