Updated Dec 13, 2024
Stellar Management Secures $49.4M Loan For Multifamily Property In Crown Heights
49 Crown Street, Brooklyn, New York 11225, United States
$49,400,000
$154/SF
Building Size
320,000 SF
Asset Type
MultiFamily
Closing
Aug 8, 2022
About this deal
AI
Located in Crown Heights, the multifamily property at 49 Crown Street has recently gone through a closed transaction. With a total of 321 units, the property spans a square footage of approximately 320,000. The transaction took place on August 9, 2022, with a loan amount of $49,400,000 secured.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $49,400,000
- Address: 49 Crown Street
- Market: Crown Heights
- Units: 321
Stellar Management acted as the landlord in this transaction, while the lending was provided by the NYC Housing Development Corporation. This successful deal highlights the collaboration between these key individuals and organizations, contributing to the growth and development of the Crown Heights market.
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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93