Updated Oct 28, 2024
Conway Capital Refinances Multifamily Property In Brooklyn With $2.6M Loan From Ice Cap Group
26 Park Place, Brooklyn, NY, USA
$2,600,000
$615/SF
Building Size
4,225 SF
Asset Type
MultiFamily
Closing
Aug 19, 2021
About this deal
AI
Located at 26 Park Place in Brooklyn, this multifamily property spans a total of 4,225 square feet. The property was purchased by Conway Capital in August 2020 and underwent extensive renovations and repositioning of all units, led by Verv Capital's Edward Cohen. These efforts resulted in a successful refinance within the same year.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,600,000
- Market: Brooklyn
- Loan: Ice Cap Group - Joseph Oved
- Landlord: Conway Capital
- Broker: Robert Tobias - RJT Capital Partners
The loan for this property was provided by Ice Cap Group, with Joseph Oved representing the lender. The loan amount totaled $2,600,000 and featured a 5-year interest-only term, with a cash-out refinance arrangement. Robert Tobias from RJT Capital Partners served as the broker in this transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.10%
Cash-on-Cash
-1.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93