Updated Oct 29, 2024
Four Corners Development Group Secures $9.6M Refinance Loan For Multifamily Properties In Brooklyn
233 Malcolm X Blvd Brooklyn, NY 11233, USA
$9,573,000
$672/SF
Building Size
14,230 SF
Asset Type
MultiFamily
Closing
Apr 30, 2023
About this deal
AI
Four Corners Development Group has completed a refinancing deal for three properties in Brooklyn. The multifamily properties, located at 233 Malcolm X Blvd, 266 Malcolm X Blvd, and 860 Macon Street, have a total square footage of 14,230. The loan amount for the transaction was $9,573,000. The loan terms include a fixed interest rate of 5.18% for 5 years, with the first 2 years being interest only. The prepayment penalty for the loan is $32,111.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $9,573,000
- Address: 233 Malcolm X Blvd, 266 Malcolm X Blvd, 860 Macon Street
- Market: Brooklyn
- Square footage: 14,230
The deal was facilitated by brokers Judah Hammer and Daniel Neiss from Meridian Capital Group. They represented Four Corners Development Group in the transaction.
On the Map
$9,573,000
$672/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.66%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93