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Shlomo Karpen Secures $14M Refinance From Newmark For Bushwick Multifamily And Industrial Properties
FINANCED
$14,000,000
New York
See Similar DealsMultiFamily108,318 SF
Financed
FINANCED
Shlomo Karpen Secures $14M Refinance From Newmark For Bushwick Multifamily And Industrial Properties
11 Arion Place & 9 Arion Place
See Similar DealsMultiFamily108,318 SF
Financed
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$129
Total Square Footage:108318 SF
Transaction Type:Loan
The transaction involves two properties located at 11 Arion Place and 9 Arion Place, situated in the Bushwick market of Brooklyn. The assets consist of a multifamily unit and an industrial building, totaling a combined square footage of 54,159. Shlomo Karpen secured a refinancing loan amounting to $14,000,000 for these properties.
Summary of transaction details:
- Property Type: Multifamily & Industrial
- Transaction Amount: $14,000,000
- Address: 11 Arion Place & 9 Arion Place
- Market: Bushwick, Brooklyn
- Lender: Newmark
- Landlord: Shlomo Karpen
- Loan Type: Refinance
Shlomo Karpen, through Arion Enterprises LLC, engaged with Newmark to facilitate the refinance of the two properties. This loan arrangement emphasizes the ongoing investment in the Bushwick area and highlights the strategic financial decisions made by Karpen regarding these assets.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,000,000.00
Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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