Updated Dec 4, 2024
Chetrit Group & Read Property Group Secure $18.5M Loan For Williamsburg Multifamily
487 Keap Street, Williamsburg, Brooklyn, NY, USA
$18,500,000
$324/SF
Building Size
56,997 SF
Asset Type
MultiFamily
Closing
Apr 7, 2021
About this deal
AI
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.
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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93