Ready Capital Provides $9.3M Loan For Multifamily Properties In Brooklyn
762 East 3rd Street, Brooklyn, NY 11218
$9,317,000
Building Size
—
Asset Type
MultiFamily
Closing
May 27, 2020
AI
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.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.70%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93