Ready Capital Provides $9.3M Loan For Multifamily Properties In Brooklyn
FINANCED
$9,317,000
New York
See Similar DealsMultiFamily
Financed 05/27/2020
FINANCED
Ready Capital Provides $9.3M Loan For Multifamily Properties In Brooklyn
762 East 3rd Street, Brooklyn, NY 11218
See Similar DealsMultiFamily
Financed 05/27/2020
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The Passalacqua Family has secured a $9,317,000 loan from Ready Capital for their multifamily properties located at 762 East 3rd Street and 1545 Dahill Road in Brooklyn, New York. The loan has a 2.88% interest rate and a 5-year term.
Summary of transaction details:
- Property Type: Multifamily
- Loan Amount: $9,317,000
- Address: 762 East 3rd Street & 1545 Dahill Road
- Market: Brooklyn, New York
- Lender: Ready Capital
- Brokers: Bryan Geffen & Sam Katz - Meridian Capital Group
Bryan Geffen and Sam Katz from Meridian Capital Group represented the Passalacqua Family in securing this financing. Their market knowledge allowed them to identify a unique opportunity within the SBL program, resulting in securing financing with well below market pricing and favorable terms.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,317,000.00
Monthly NOI$62,113.33
Monthly Debt Service$58,889.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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