Joseph Torres Secures $16M Refinancing Loan For Greenpoint Multifamily Property
99 Sutton Street Brooklyn, New York 11222, USA
$16,000,000
$276/SF
Building Size
57,927 SF
Asset Type
MultiFamily
Closing
Jul 31, 2023
AI
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.
Players
Cornish 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93