Updated Oct 29, 2024
Goodtree Development Secures $8M Loan For Multifamily Property In Fort Greene, Brooklyn
88 Adelphi Street, Fort Greene, Brooklyn, NY, USA
$8,000,000
$1,600/SF
Building Size
5,000 SF
Asset Type
MultiFamily
Closing
Aug 18, 2019
About this deal
AI
The property located at 88 & 104 Adelphi Street in Fort Greene, Brooklyn recently underwent a closed transaction. This multifamily asset consists of 77 units and was involved in a loan deal.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Market: Fort Greene, Brooklyn
The loan for this transaction was provided by Amalgamated Bank. The landlord of the property is Ted Goodman from Goodtree Development. Abe Mann, representing Progress Capital, acted as the broker in this deal.
During the transaction, a loan amount of $8,000,000 was secured with a fixed interest rate of 3.60% for a period of 7 years.
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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93