Waterman Capital Bank Provides $3.15M Acquisition Loan For Multifamily Property In Rockaway With Landlord David Price's Reps Russell Nova, Lauren Grima & Sean Kuts Of Cornerstone Capital Of NY

The multifamily property located at 147, 151, and 155 Beach 95th Street in Rockaway has recently undergone a transaction. Spanning a total square footage of 12,500, this property consists of 10 units. The deal took place on 05/18/2022.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,150,000
• Lender: Waterman Capital Bank
• Landlord: David Price
• Brokers: Russell Nova, Lauren Grima, & Sean Kuts - Cornerstone Capital Of NY

In this acquisition deal, a loan of $3,150,000 was secured from Waterman Capital Bank. The loan has a 10 year term with a 3.75% interest rate and a 30 year amortization schedule. The loan-to-value ratio (LTV) stands at 75%.

As noted by @CornerstoneCapitalOfNY, working in collaboration with @Compass, Cornerstone was able to secure financing through a Blanket Loan on three separate assets, including this multifamily property. The financing arrangement offers a prime interest rate of 3.75% and a 30 year amortization with a 75% LTV. Cornerstone expresses gratitude to their brokers, Russell Nova, Lauren Grima, and Sean Kuts of Cornerstone Capital Of NY, for their trust throughout the transaction. They are excited about the future prospects of this property and are proud to have played a part in this successful deal.

Contact information:
Russell Nova - Principal: 917-559-1820 / [email protected]
Sean Kuts - Senior Relationship Manager: 347-585-5212 / [email protected]