Updated Nov 19, 2023
Hirshmark Capital Provides $5.4M Bridge Loan To Ng Family For Williamsburg Multifamily
270 Manhattan Avenue
$5,400,000
$490/SF
Building Size
11,000 SF
Asset Type
MultiFamily
Closing
Feb 14, 2023
About this deal
AI
The property at 270 Manhattan Avenue in Williamsburg, Brooklyn has been involved in a recent transaction. This multifamily asset spans a total of 11,000 square feet and consists of 11 units. The transaction took place on 02/14/2023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,400,000
- Market: Williamsburg, Brooklyn
- Loan Type: Bridge
Hirshmark Capital, represented by Jake Soodek, provided a bridge loan of $5,400,000 for this property at 270 Manhattan Avenue. The loan was secured by the property itself. The landlord of the property is Howard Ng and Chung Ng.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.94%
Cash-on-Cash
-0.84%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93