Updated Oct 29, 2024
Santander Bank Provides $4.25M Loan For Multifamily In Brooklyn
1229 Avenue Y, Brooklyn, NY 11235
$4,250,000
$92/SF
Building Size
46,087 SF
Asset Type
MultiFamily
Closing
Mar 9, 2021
About this deal
AI
A multifamily property located at 1229 Ave. Y in Brooklyn recently closed in a transaction. The property features multiple units and is situated in the Brooklyn market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,250,000
- Loan Amount: $4,250,000
- Loan Terms: $4.25 Million, 10-year term, 8 years IO, Interest 3.1%
- Lender: Santander Bank
- Landlord: Gershon And Co.
- Broker: Simon Rosenfeld - Meridian Capital Group
The loan for this transaction was provided by Santander Bank. Gershon And Co. acted as the landlord in the deal. Simon Rosenfeld from Meridian Capital Group served as the broker representing the parties involved in the transaction.
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
3.73%
Cash-on-Cash
-1.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93