Updated Dec 2, 2024
Wharton Properties Secures $6.1M Loan From Valley National Bank For Williamsburg Multifamily
117 N 4th St Brooklyn, NY 11249, USA
$6,100,000
$938/SF
Building Size
6,500 SF
Asset Type
MultiFamily
Closing
May 12, 2023
About this deal
AI
Wharton Properties, headed by Jeff Sutton, has secured a loan of $6.1 million from Valley National Bank for a residential building in the Williamsburg neighborhood of Brooklyn. The property, located at 117 North 4th Street, is a multifamily building with eight units and a total area of 6,500 square feet. Wharton Properties purchased the walkup building in July 2020 for $2.8 million and subsequently underwent significant renovations before finalizing the loan agreement. The deal was successfully closed in May 2023.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,100,000
- Units: 8
- Square Footage: 6,500
- Address: 117 North 4th Street
- Market: Williamsburg, Brooklyn
The loan was secured by Jeff Sutton's Wharton Properties, with the lending being provided by Valley National Bank represented by Christopher Gregg and Oren Sapirstein.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93