LMF Commercial Provides $9.2M Refinance Loan For Mixed-use Property In Flatbush
$9,200,000
$386/SF
Building Size
23,791 SF
Asset Type
Mixed-use
Closing
May 9, 2024
AI
The mixed-use property located in Flatbush, Brooklyn spans 23,791 square feet. The transaction involved a refinance loan amounting to $9,200,000. The loan terms included a CMBS with a 5-year term, full interest-only payment, and a cash-out feature.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $9,200,000
- Market: Flatbush, Brooklyn
- Lender: Scott Burk & Mike Deford - LMF Commercial
- Broker: Elya Kahn - Greenrock Funding
- Loan Type: Refinance
- Loan Terms: CMBS- 5 Year Term, Full IO, Cash Out
The key individuals involved in the transaction were Mike Deford, Scott Burk, and Elya Kahn. Scott Burk and Mike Deford acted as the lenders representing LMF Commercial. Elya Kahn from Greenrock Funding served as the broker in the deal.
Players
Brooklyn 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
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93