Updated Oct 28, 2024
Webster Bank Refinances Multifamily Property In Crown Heights For $21M
550 Prospect Place, Brooklyn, New York 11238, United States
$21,000,000
$453/SF
Building Size
46,359 SF
Asset Type
MultiFamily
Closing
Apr 6, 2022
About this deal
AI
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.
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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93