Island Federal Credit Union Provides $3.95M Acquisition Loan For Mixed-Use Property In Brooklyn
787 Franklin Ave., Brooklyn, Ny
$3,950,000
$659/SF
Building Size
5,994 SF
Asset Type
Mixed-use
Closing
Apr 20, 2023
AI
A mixed-use property located at 787 Franklin Avenue in Brooklyn has been involved in a recent loan transaction. The property consists of 6 units and spans across 5,994 square feet. The transaction took place on April 20, 2023.
Summary of transaction details
- Property Type: Mixed-Use
- Address: 787 Franklin Avenue
- Market: Brooklyn
- Units: 6
- Square Footage: 5,994
- Lender: Island Federal Credit Union
- Broker: Eddie Miro - Progress Capital
- Loan Amount: $3,950,000
- Loan Type: Acquisition
Eddie Miro, representing Progress Capital, served as the broker in this loan transaction. Island Federal Credit Union provided a loan amount of $3,950,000 for the acquisition of the mixed-use property at 787 Franklin Avenue in Brooklyn.
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
4.02%
Cash-on-Cash
-1.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93