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Ranco Capital Secures $17.7M Refinance Loan For Multifamily Building In Midwood, Brooklyn
FINANCED
$17,700,000
New York
See Similar DealsMultiFamily33,913 SF
Financed 11/20/2023
FINANCED
Ranco Capital Secures $17.7M Refinance Loan For Multifamily Building In Midwood, Brooklyn
2045 Ocean Avenue
See Similar DealsMultiFamily33,913 SF
Financed 11/20/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$521
Total Square Footage:33,913 SF
Transaction Type:Loan
Ranco Capital, represented by the entity 2045 Ocean Ave LLC, secured a refinancing loan valued at $17.7 million from Webster Bank for their 50-unit residential building located at 2045 Ocean Avenue in Midwood, Brooklyn. The multifamily property spans a total of 33,913 square feet and consists of 50 individual units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $17,700,000
- Market: Midwood, Brooklyn
- Address: 2045 Ocean Avenue
- Square Footage: 33,913
- Number of Units: 50
- Lender: Mary King - Webster Bank
- Landlord: Max Salamon - Ranco Capital
Max Salamon, acting as the landlord for Ranco Capital, collaborated with Mary King from Webster Bank to execute the refinancing loan. Webster Bank provided the necessary funds, amounting to $17.7 million, to support the transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,700,000.00
Monthly NOI$118,000.00
Monthly Debt Service$111,876.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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