Pennrose Refinances Multifamily Property In Bushwick With $72.8M Loan From Freddie Mac
FINANCED
$72,800,000
New York
See Similar DealsMultiFamily323,432 SF
Financed 08/05/2022
FINANCED
Pennrose Refinances Multifamily Property In Bushwick With $72.8M Loan From Freddie Mac
580 Central Avenue, Brooklyn, New York 11207, United States
See Similar DealsMultiFamily323,432 SF
Financed 08/05/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$225
Total Square Footage:323,432 SF
Transaction Type:Loan
The multifamily property located at 580 Central Avenue in Bushwick has been subject to a refinancing loan transaction. The property, spanning an impressive 323,432 square feet, attracted the attention of Freddie Mac, who provided the loan for this transaction. Pennrose, the landlord, was involved in securing the refinancing loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $72,800,000
- Address: 580 Central Avenue
- Market: Bushwick
- Lender: Freddie Mac
- Landlord: Pennrose
Regarding this deal, Freddie Mac played a pivotal role as the lender, offering a refinancing loan amount of $72,800,000. Meanwhile, Pennrose, the landlord, was responsible for pursuing this loan transaction. This significant refinancing deal has provided the property located at 580 Central Avenue in Bushwick with a fresh financial foundation.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$72,800,000.00
Monthly NOI$485,333.33
Monthly Debt Service$460,145.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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