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EMP Capital Group Secures $35M Refinance Loan For Crown Heights Multifamily Property
FINANCED
$35,000,000
New York
See Similar DealsMultiFamily55,957 SF
Financed 12/13/2023
FINANCED
EMP Capital Group Secures $35M Refinance Loan For Crown Heights Multifamily Property
985 Pacific Street
See Similar DealsMultiFamily55,957 SF
Financed 12/13/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$625
Total Square Footage:55,957 SF
Transaction Type:Loan
The multifamily property located at 985 Pacific Street in Crown Heights, Brooklyn, spans 55,957 square feet and consists of 69 units. The property was recently constructed and has been refinanced for $35,000,000 by OakNorth Bank. Elichai Pariente of EMP Capital Group is the landlord involved in this transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $35,000,000
- Address: 985 Pacific Street
- Market: Crown Heights, Brooklyn
- Lender: OakNorth Bank - Robert Pearce
- Landlord: Elichai Pariente - EMP Capital Group
Elichai Pariente, representing EMP Capital Group, successfully secured a $35 million refinance loan from OakNorth Bank, a UK-based lender, for the 69-unit property at 985 Pacific Street in Crown Heights, Brooklyn.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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