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Sheridan Capital Provides $12.25M Bridge Loan For Vacant Multifamily Property In Freeport NY

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FINANCED
$12,250,000
Avi Eyal
Joshua (Josh) Pollack

New York

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MultiFamily166,000 SF
Financed 05/31/2023
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FINANCED

Sheridan Capital Provides $12.25M Bridge Loan For Vacant Multifamily Property In Freeport NY

17 Buffalo Ave Freeport, NY 11520, USA

See Similar Deals
MultiFamily166,000 SF
Financed 05/31/2023
Avi Eyal
Joshua (Josh) Pollack
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$73
Total Square Footage:166,000 SF
Transaction Type:Loan

An acquisition financing was provided by in-house debt fund, Sheridan Capital, for a vacant building located at 17 Buffalo Avenue, Freeport, NY. The multifamily property spans 166,000 square feet with 200 units. The loan amount for the transaction was $12,250,000, with a bridge loan type and terms of 70% LTV, 45-Day Close, and a 12-Month Term.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $12,250,000
  • Address: 17 Buffalo Avenue
  • Market: Freeport
  • Square Footage: 166,000
  • Units: 200

The transaction was facilitated by Avi Eyal and Josh Pollack from FM Capital, serving as brokers for BOSFA, the landlord. For more information or to discuss any financing needs, please contact Avi Eyal at [email protected].

Players

Avi Eyal
TrueCap
Avi Eyal
13 deals$140.1M volume(646) 403-2775
BROKER
Joshua (Josh) Pollack
FM Capital⁠
Joshua Pollack
11 deals$206.8M volume(888) 210-0703
BROKER
Sheridan Capital
Sheridan Capital
LENDER

Details

FINANCED
IMAGE: Avi Eyal & Josh Pollack DATE: 05/31/2023 ADDRESS: 17 Buffalo Avenue MARKET: Freeport ASSET TYPE: Multifamily ~ SF: 166,000 ~ UNITS: 200 LENDER: Sheridan Capital LANDLORD: BOSFA BROKERS: Avi Eyal (@AviEyal) & Josh Pollack - FM Capital⁠ LOAN AMOUNT: $12,250,000 LOAN TYPE: Bridge LOAN TERMS: 70% LTV, 45-Day Close, 12-Month Term. NOTE FROM BROKER: Using our in-house debt fund, Sheridan Capital, we provided acquisition financing for this vacant building in Freeport NY. For more information and to discuss your next or any financing needs on . please contact Avi Eyal at [email protected] ⁠

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,250,000.00

Monthly NOI$81,666.67
Monthly Debt Service$77,428.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00