Updated Oct 29, 2024
Santander Bank Provides $9M Refinance Loan For Multifamily Property In Flatbush, Brooklyn
116 Lenox Road & 75 Lenox Road
$9,000,000
$68/SF
Building Size
132,129 SF
Asset Type
MultiFamily
Closing
Feb 24, 2023
About this deal
AI
The property involved in this transaction is a multifamily asset located at 116 Lenox Road & 75 Lenox Road in Flatbush, Brooklyn. The property has a total square footage of 132,129. The loan amount for this transaction is $9,000,000, and it is a refinancing loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,000,000
- Address: 116 Lenox Road & 75 Lenox Road, Flatbush, Brooklyn
- Market: Flatbush, Brooklyn
- Lender: Santander Bank
- Lender's Representative: Margaret M. Fahy
- Landlord: Jacob Kempler Family Partnership
- Landlord's Representative: David Blau
Margaret M. Fahy, representing Santander Bank, provided the loan for this transaction. David Blau, representing Jacob Kempler Family Partnership, acted as the landlord's representative in this deal.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93