Updated Oct 29, 2024
Greystone Provides $18.3M Refinance Loan For 154-Unit Multifamily Property In Bedford-Stuyvesant, Brooklyn
400 Herkimer St Brooklyn, Ny 11213, Usa
$18,300,000
Units
154
Asset Type
MultiFamily
Closing
Aug 1, 2023
About this deal
AI
The six-story residential building located at 400 Herkimer Street in Bedford-Stuyvesant, Brooklyn has undergone a refinancing transaction. The property consists of 154 units ranging from studios to three-bedroom apartments. Greystone, represented by Anthony Cristi, provided a fixed-rate financing package amounting to $18.3 million. The loan has a 10-year term and a 30-year amortization period.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $18,300,000
- Units: 154
- Address: 400 Herkimer Street
- Market: Bedford-Stuyvesant, Brooklyn
Leading the financing transaction is Anthony Cristi, representing Greystone. The multifamily property's refinance was made possible with the $18.3 million Fannie Mae loan. With a 10-year term and 30-year amortization, the financing provided stability for the property's long-term financial management.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.87%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93