Mark & John Schirripa Secure $5.4M Refinance Loan For 20-Unit Multifamily In Brighton Beach
2931 Brighton 5th Street
$5,400,000
$360/SF
Building Size
15,000 SF
Asset Type
MultiFamily
Closing
Aug 9, 2024
AI
The asset involved in this transaction is a multifamily property located at 2931 Brighton 5th Street in Brighton Beach, Brooklyn. The property encompasses a total square footage of 15,000 and consists of 20 units. The loan amount secured for this property is $5,400,000, classified as a refinance loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,400,000
- Address: 2931 Brighton 5th Street
- Market: Brighton Beach, Brooklyn
- Square Footage: 15,000
- Units: 20
- Lender: Jake Soodek & Igor Vaysberg - Hirshmark Capital
- Landlord: Mark & John Schirripa
- Brokers: Michael Feygelman & Alex Leykind - Equitas Capital Group
- Loan Type: Refinance
The transaction involved key figures including Jake Soodek and Igor Vaysberg representing Hirshmark Capital as the lenders. Mark and John Schirripa acted as the landlords in this deal, while brokers Michael Feygelman and Alex Leykind from Equitas Capital Group facilitated the transaction.
Players
Brooklyn 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