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59 Irving Place, Clinton Hi...

Bayport Funding Provides $2M& Loan For Multifamily Property On Irving Place In Clinton Hill, Brooklyn
FINANCEDMultiFamily

Bayport Funding Provides $2M& Loan For Multifamily Property On Irving Place In Clinton Hill, Brooklyn

59 Irving Place, Clinton Hill, Brooklyn, NY, USA

$2,015,300

$699/SF

Building Size

2,880 SF

Asset Type

MultiFamily

Closing

Mar 25, 2021

AI

This multifamily property is located at 59 Irving Place in the Clinton Hill market. The loan amount for this property transaction is $2,015,300. The asset is characterized by its suitability for investment, being part of the multifamily category.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,015,300
  • Address: 59 Irving Place
  • Market: Clinton Hill
  • Lender: Bayport Funding
  • Lender Representative: Sharon Nachman

The transaction involves Bayport Funding, which specializes in business purpose bridge lending solutions for real estate investors dealing in 1-4 Family, Multi-Family, and Mixed Use properties. Sharon Nachman represents Bayport Funding in this loan agreement.

Players

Sharon Nachman

BayportFunding

Lender

$7.6M

vol

3 deals

Lender
Bayport Funding
Bayport FundingLender

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

7.87%

Cash-on-Cash

-2.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93