Piermont Bank Provides $2.1M Bridge Loan For Bushwick Multifamily Property
FINANCED
$2,125,500
New York
See Similar DealsMultiFamily2,000 SF
Financed 08/11/2021
FINANCED
Piermont Bank Provides $2.1M Bridge Loan For Bushwick Multifamily Property
94 Weirfield Street, Brooklyn, NY 11221
See Similar DealsMultiFamily2,000 SF
Financed 08/11/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,062
Total Square Footage:2,000 SF
Transaction Type:Loan
A six-unit multifamily property located at 94 Weirfield St. in Bushwick, was recently involved in a closed transaction. The property is situated in the bustling Bushwick market and offers a total of six residential units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,125,500
- Address: 94 Weirfield St.
- Market: Bushwick
- Units: 6
The loan for this transaction was provided by Piermont Bank. Andrew Gladstone and Steve LaFredo from Piermont Bank played a crucial role in securing the bridge loan. The bridge loan amount was $2,125,500 and facilitated the successful completion of the transaction.
The brokers involved in this deal were Alex Freund and Alex Jaffa from asternUnionFunding. They represented the parties involved in the transaction and played an essential role in bringing the deal to fruition.
Players
LENDER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,125,500.00
Monthly NOI$14,170.00
Monthly Debt Service$13,434.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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