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Joseph Torres Secures $16M Refinancing Loan For Greenpoint Multifamily Property
FINANCED
$16,000,000
New York
See Similar DealsMultiFamily57,927 SF
Financed 07/31/2023
FINANCED
Joseph Torres Secures $16M Refinancing Loan For Greenpoint Multifamily Property
99 Sutton Street Brooklyn, New York 11222, USA
See Similar DealsMultiFamily57,927 SF
Financed 07/31/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$276
Total Square Footage:57,927 SF
Transaction Type:Loan
A $16 million refinancing loan has been secured by Joseph Torres, also known as Jose Torres, for a 71-unit residential walkup building located at 99 Sutton Street in Greenpoint, Brooklyn. The loan was granted by Ellington Management Group's entity, EMG Transfer Agent LLC. The property is a multifamily building with a total square footage of 57,927.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,000,000
- Address: 99 Sutton Street, Greenpoint, Brooklyn
- Market: Greenpoint, Brooklyn
- Loan Type: Refinance
- Lender: Ellington Management Group - Katherine Meagher
- Landlord: Joseph Torres
Katherine Meagher, representing Ellington Management Group, facilitated the loan transaction. The loan will help Joseph Torres to refinance the 71-unit residential walkup building at 99 Sutton Street in Greenpoint, Brooklyn. This deal showcases the collaboration between Joseph Torres and Ellington Management Group for the financial benefit of the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,000,000.00
Monthly NOI$106,666.67
Monthly Debt Service$101,130.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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