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113 02 Atlantic Avenue

Michael J. Gefter Of Alma Bank Provides $10,700,000 Loan For MultiFamily In South Richmond Hill
FINANCEDMultiFamily

Michael J. Gefter Of Alma Bank Provides $10,700,000 Loan For MultiFamily In South Richmond Hill

113 02 Atlantic Avenue

$10,700,000

$243/SF

Building Size

44,029 SF

Asset Type

MultiFamily

Closing

Jul 17, 2024

AI

The asset involved in the transaction is a MultiFamily property located at 113 02 Atlantic Avenue in South Richmond Hill. The loan amount for this transaction is $10,700,000.00.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $10,700,000.00
  • Address: 113 02 Atlantic Avenue
  • Market: South Richmond Hill
  • Lender: Alma Bank
  • Broker: Michael J. Gefter

The key individuals involved in this transaction include Michael J. Gefter, who represents the landlord in this deal, and Alma Bank, acting as the lender providing the loan for the transaction.

Players

Michael J. Gefter

Broker

$282.5M

vol

66 deals

Broker
Wolf Investment Partners
Wolf Investment PartnersBrokerage
Alma Bank
Alma BankLender

Kamaljit Singh

Landlord

$10M

vol

1 deal

Landlord

South Richmond Hill MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.48%

Cash-on-Cash

-0.42%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93