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John A. Catsimatidis Of Red Apple Group Refinances Multifamily Property In Prospect Heights For $38.1M
FINANCED
$38,100,000
New York
See Similar DealsMultiFamily83,828 SF
Financed 05/21/2025
FINANCED
John A. Catsimatidis Of Red Apple Group Refinances Multifamily Property In Prospect Heights For $38.1M
670 Pacific Street
See Similar DealsMultiFamily83,828 SF
Financed 05/21/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$454
Total Square Footage:83,828 SF
Transaction Type:Loan
A multifamily residential building located at 670 Pacific Street, Prospect Heights, Brooklyn, features a total of 86 units and encompasses a square footage of 83,828. The property has been refinanced with a loan amounting to $38.1 million, which effectively replaces a previous $49.5 million loan from the same lender.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $38,100,000
- Address: 670 Pacific Street
- Market: Prospect Heights, Brooklyn
- Lender: M&T Bank
- Landlord: John A. Catsimatidis - Red Apple Group
- Units: 86
- Square Footage: 83,828
- Previous Loan Amount: $49,500,000
- Loan Type: Acquisition
The refinancing deal involves John A. Catsimatidis, representing Red Apple Group, securing the new loan from M&T Bank, showcasing the ongoing relationship between the lender and the landlord in their financial transactions.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,100,000.00
Monthly NOI$254,000.00
Monthly Debt Service$240,817.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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