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Four Corners Development Group Secures $9.6M Refinance Loan For Multifamily Properties In Brooklyn

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FINANCED
$9,573,000
Judah Hammer
Daniel Neiss
JW

New York

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MultiFamily14,230 SF
Financed
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FINANCED

Four Corners Development Group Secures $9.6M Refinance Loan For Multifamily Properties In Brooklyn

233 Malcolm X Blvd Brooklyn, NY 11233, USA

See Similar Deals
MultiFamily14,230 SF
Financed
Judah Hammer
Daniel Neiss
JW
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$672
Total Square Footage:14230 SF
Transaction Type:Loan

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.

Players

Daniel Neiss
Meridian Capital Group
Daniel Neiss
27 deals$635.8M volume
BROKER
Judah Hammer
CBRE
Judah Hammer
36 deals$1.3B volume
BROKER
JW
Jason Wisotsky
11 deals$144.3M volume
LANDLORD

Details

FINANCED
IMAGE: Judah Hammer & Daniel Neiss DATE: 04/30/2023 ADDRESS: 233 Malcolm X Blvd, 266 Malcolm X Blvd. & 860 Macon Street MARKET: Brooklyn ASSET TYPE: Multifamily ~ SF: 14,230 LANDLORD: Four Corners Development Group - Jason Wisotsky BROKERS: Judah Hammer (@JudahHammer) & Daniel Neiss - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $9,573,000 LOAN TYPE: Refinance LOAN TERMS: 5 YEARS FIXED RATE WITH 5.18% INTEREST RATE; 2 YEARS INTEREST ONLY; PREPAYMENT: 32111

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$9,573,000.00

Monthly NOI$63,820.00
Monthly Debt Service$60,507.87
Change in Cash Flow$0.00
Refinance Proceeds$0.00