Updated Oct 28, 2024
Kearny Bank Provides $26M Refinance Loan For Ridgewood Multifamily Property
55-27 Myrtle Avenue, Queens, New York 11385, United States
$26,000,000
$480/SF
Building Size
54,166 SF
Asset Type
MultiFamily
Closing
Apr 13, 2022
About this deal
AI
Kearny Bank has provided a refinance loan of $26,000,000 for the property located at 55-27 Myrtle Avenue in Ridgewood. The multifamily asset spans approximately 54,166 square feet. The loan, which was executed on April 14, 2022, benefits the landlord, Bushburg Properties.
Summary of Transaction Details:
- Property Type: Multifamily
- Transaction Amount: $26,000,000
- Address: 55-27 Myrtle Avenue
- Market: Ridgewood
Kearny Bank played a crucial role as the lender in this refinance deal, providing financial support to Bushburg Properties. The transaction demonstrates the ongoing activity in the Ridgewood market and the confidence of lenders in financing property investments.
Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93