Updated Sep 9, 2024
Meridian Capital Group Brokers Secure $13.5M Cash-Out Refinance Loan For Brooklyn Heights Multifamily Co-op
57 Montague Street, Brooklyn, New York 11201, United States
$14,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Mar 28, 2022
About this deal
AI
Located at 57 Montague Street in Brooklyn Heights, this multifamily co-op property recently underwent a cash-out refinance loan transaction. The loan amount consisted of a first lien loan of $13,500,000 along with a $500,000 line of credit. The loan terms were set at 10 years with a 2.90% interest rate and an interest-only component.
Summary of transaction details
- Property Type: Multifamily, Co-op
- Transaction Amount: $13,500,000 First Lien + $500,000 LOC
- Address: 57 Montague Street, Brooklyn Heights
- Loan Type: Cash-out Refinance
- Loan Terms: 10 Years | 2.90% Rate | I/O Component
The transaction was facilitated by Allan Lieberman, Asher Haft, and Jacob Kaufman from Meridian Capital Group, acting as the brokers involved in the deal.
On the Map
$14,000,000
MultiFamily
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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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93