Updated Sep 5, 2024
Haven Savings Bank Provides $3.5M Loan For Multifamily Property In Bedford-Stuyvesant
305 Sumpter Street
$3,525,000
Building Size
—
Asset Type
MultiFamily
Closing
May 24, 2020
About this deal
AI
A multifamily property located at 305 Sumpter Street in Bedford-Stuyvesant has recently been involved in a closed transaction. The property, owned by Asa Hammes, was part of a loan arrangement provided by Haven Savings Bank. The loan amount for this transaction was $3,525,000, with the terms being a 5-year fixed rate and 2 years interest only. The property is situated in a thriving market, making it a valuable asset in the area.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,525,000
- Address: 305 Sumpter Street
- Market: Bedford-Stuyvesant
- Lender: Haven Savings Bank
- Landlord: Asa Hammes
- Brokers: Brian Anderson & Eddie Miro - Progress Capital
- Loan Terms: 5-Year Fixed Rate, 2-Years Interest Only
The deal was facilitated by brokers Brian Anderson and Eddie Miro from Progress Capital. Their expertise and negotiation skills were vital in ensuring the successful conclusion of the transaction. The involvement of these professionals highlights their role in representing the parties involved in the deal and their contribution to its overall success.
Players
New York 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
4.50%
Cash-on-Cash
-1.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93