PGIM Real Estate Provides $11.57M Refinance Loan For Multifamily Assets In Mott Haven
137 Alexander Avenue
$11,570,000
$231/SF
Building Size
50,000 SF
Asset Type
MultiFamily
Closing
Oct 1, 2024
AI
The multifamily property transaction encompasses six addresses: 137 Alexander Ave, 208 Willis Ave, 224 Willis Ave, 226 Willis Ave, 340 E. 139th St, and 351 E. 138th St, located in the Mott Haven market. The total square footage of the asset is 50,000, consisting of 61 units.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $11,570,000
- Lender: PGIM Real Estate
- Loan Type: Refinance
- Loan Terms: 5.35% Rate, 5 Years IO, 7 Year Fixed, Non-Recourse, Fully Assumable
- Brokers: Matt Swerdlow, Matthew Dzbanek, & Anthony Priest - Ariel Property Advisors
The brokers involved in the transaction represent the seller, providing their expertise in navigating the refinancing process for the multifamily asset.
Players
Lake Grove 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
1.37%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93