Webster Bank Refinances Multifamily Property In Crown Heights For $21M
FINANCED
$21,000,000
New York
See Similar DealsMultiFamily46,359 SF
Financed 04/07/2022
FINANCED
Webster Bank Refinances Multifamily Property In Crown Heights For $21M
550 Prospect Place, Brooklyn, New York 11238, United States
See Similar DealsMultiFamily46,359 SF
Financed 04/07/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$453
Total Square Footage:46,359 SF
Transaction Type:Loan
The multifamily property located at 550 Prospect Place in Crown Heights has recently undergone a refinancing transaction. With a total square footage of 46,359 and consisting of 41 units, this property offers significant investment potential.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $21,000,000
- Address: 550 Prospect Place
- Market: Crown Heights
- Lender: Webster Bank
- Landlord: CAVU Property Group
Webster Bank played a crucial role in the transaction as the lender, providing the necessary financing to support the refinancing. The landlord, CAVU Property Group, initiated the deal, recognizing the opportunity to optimize their investment in this multifamily property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$21,000,000.00
Monthly NOI$140,000.00
Monthly Debt Service$132,734.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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