Updated Oct 28, 2024
Pennrose Refinances Multifamily Property In Bushwick With $72.8M Loan From Freddie Mac
580 Central Avenue, Brooklyn, New York 11207, United States
$72,800,000
$225/SF
Building Size
323,432 SF
Asset Type
MultiFamily
Closing
Aug 4, 2022
About this deal
AI
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.
On the Map
$72,800,000
$225/SF
MultiFamily
View full map
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93