Updated Nov 27, 2024
Ilir Biga Refinances Multifamily Property In Yonkers With $3.6M Loan From Berkadia
88-90 Saratoga Avenue
$3,634,000
$185/SF
Building Size
19,592 SF
Asset Type
MultiFamily
Closing
Mar 30, 2023
About this deal
AI
The multifamily property located at 88-90 Saratoga Avenue in Yonkers has been refinanced in a closed transaction. The property spans a total of 19,592 square feet and consists of 15 units. The transaction was facilitated by Matthew Barbaccia of Brix Real Estate Advisors, who represented the landlord, Ilir Biga.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $3,634,000
- Loan Type: Refinance
- Loan Terms: 5.3% Fixed for 5 years with 2 years interest only
- Lender: Berkadia
- Landlord: Ilir Biga
- Broker: Matthew Barbaccia - Brix Real Estate Advisors
The loan for the property amounted to $3,634,000 and was provided by Berkadia. The loan type was a refinance, and the terms included a fixed interest rate of 5.3% for 5 years, with 2 years of interest-only payments.
Market 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
4.37%
Cash-on-Cash
-1.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93