Updated Feb 16, 2024
Stormfield Capital Provides $3.15M Bridge Loan For Clinton Hill Multifamily Acquisition
323 Washington Avenue, Brooklyn, NY, USA
$3,150,000
$630/SF
Building Size
5,000 SF
Asset Type
MultiFamily
Closing
Oct 1, 2021
About this deal
AI
The multifamily property located at 323 Washington Ave in Clinton Hill, Brooklyn has recently undergone a closed transaction. The property spans approximately 5,000 square feet and consists of 4 units. The transaction took place on 10/01/2021.
Summary of Transaction Details:
- Property Type: Multifamily
- Transaction Amount: $3,150,000
- Address: 323 Washington Ave, Clinton Hill, Brooklyn
- Market: Clinton Hill, Brooklyn
- Loan Type: Bridge Loan
The lender involved in this transaction is Stormfield Capital, represented by Kyle Shea. The loan was provided in the amount of $3,150,000. The landlord of the property is Lloyd Babb. Brooklyn Bridge Capital LLC acted as the broker for the deal.
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
5.04%
Cash-on-Cash
-1.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93