Signature Bank Provides $94.5M Refinance Loan For Multifamily Property At 409 Eastern Pkwy, Brooklyn
409 Eastern Parkway, Brooklyn, New York 11213, United States
$94,500,000
$478/SF
Building Size
197,395 SF
Asset Type
MultiFamily
Closing
Dec 30, 2021
AI
A multifamily property located at 409 Eastern Pkwy (AKA 1535 Bedford Ave) in Brooklyn has undergone a refinancing transaction. The property spans approximately 197,395 square feet and is situated in the Brooklyn market.
Summary of transaction details:
- Asset Type: Multifamily
- Loan Amount: $94,500,000
- Loan Type: Refinance
- Loan Terms: 3.125% fixed for 5 years, 2 years I/O
- Lender: Signature Bank
- Brokers: Scott Assouline & Isaac Lifshitz - Meridian Capital Group
The financing for this transaction was provided by Signature Bank. Scott Assouline & Isaac Lifshitz from Meridian Capital Group served as the brokers involved in the deal. The loan amount was $94,500,000, and it was a refinance loan with terms of 3.125% fixed for 5 years, followed by 2 years of interest-only payments.
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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93