Updated May 12, 2025
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
About this deal
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
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