Chetrit Group & Read Property Group Secure $18.5M Loan For Williamsburg Multifamily
FINANCED
$18,500,000
New York
See Similar DealsMultiFamily56,997 SF
Financed 04/08/2021
FINANCED
Chetrit Group & Read Property Group Secure $18.5M Loan For Williamsburg Multifamily
487 Keap Street, Williamsburg, Brooklyn, NY, USA
See Similar DealsMultiFamily56,997 SF
Financed 04/08/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$324
Total Square Footage:56,997 SF
Transaction Type:Loan
The multifamily property located at 487 Keap Street in Williamsburg has been involved in a recent loan transaction. The loan was provided by Signature Bank for a total amount of $18,500,000. This property spans across 56,997 square feet and consists of 51 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $18,500,000
- Address: 487 Keap Street
- Market: Williamsburg
- SF: 56,997
- Units: 51
The landlords involved in the transaction are the Chetrit Group and Read Property Group. Joseph DePaolo and Isaac Chetrit were the representatives of the Chetrit Group in this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$18,500,000.00
Monthly NOI$123,333.33
Monthly Debt Service$116,932.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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