Benefit Street Realty Trust Provides $11M Loan For Multifamily Property On Gates Avenue
FINANCED
$11,000,000
New York
See Similar DealsMultiFamily300,000 SF
Financed 01/06/2020
FINANCED
Benefit Street Realty Trust Provides $11M Loan For Multifamily Property On Gates Avenue
322 Gates Ave, Brooklyn, NY 11216, USA
See Similar DealsMultiFamily300,000 SF
Financed 01/06/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$36
Total Square Footage:300,000 SF
Transaction Type:Loan
A multifamily property located at 322 Gates Avenue in Bedford-Stuyvesant has been involved in a closed transaction. The property, known as The Eleven:11, spans a total of 30,000 square feet and consists of 28 units. The deal was facilitated by FM Capital brokers, Sol Dayan and Yael Ishakis, who represented the buyer and seller on behalf of their respective clients.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $11,000,000
- Date: 01/06/2020
- Address: 322 Gates Avenue (The Eleven:11), Bedford-Stuyvesant
- Market: Bedford-Stuyvesant
- Lender: Benefit Street Realty Trust
- Landlord: 322 Gates LLC – Clement Saad
- Brokers: FM Capital – Sol Dayan & Yael Ishakis
- Loan Terms: 10.5 Year Full Term IO
The lender in this transaction was Benefit Street Realty Trust, while 322 Gates LLC, represented by Clement Saad, acted as the landlord. The loan amount for the transaction was $11,000,000, with a 10.5-year full term interest-only (IO) repayment arrangement. The deal was successfully executed with the assistance of FM Capital brokers, Sol Dayan and Yael Ishakis.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,000,000.00
Monthly NOI$73,333.33
Monthly Debt Service$69,527.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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