Edgewood Capital Advisors Provides $9M Bridge Loan For Multifamily Property Acquisition, Bay Ridge, Brooklyn
Bay Ridge, Brooklyn, NY, USA
$9,000,000
$194/SF
Building Size
46,200 SF
Asset Type
MultiFamily
Closing
Nov 22, 2021
AI
The subject of this closed transaction is a multifamily property located in Bay Ridge, Brooklyn. The property spans approximately 46,200 square feet and comprises a total of 59 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,000,000
- Market: Bay Ridge, Brooklyn
- Loan Type: Bridge loan
- Loan Terms: 87% LTPP, 75% LTC, 2 Years, Interest Only, Non-Recourse, Less than 30 days close
Edgewood Capital Advisors provided the financing for this transaction. The loan amount of $9,000,000 was obtained as a non-recourse bridge loan. The loan terms include an 87% Loan-to-Purchase Price (LTPP) ratio, a 75% Loan-to-Cost (LTC) ratio, a 2-year term, and interest-only payments. The loan was closed in less than 30 days, allowing the client to proceed with their capital improvement plan for the property.
The brokers involved in this transaction were Brandon Michon and Thomas Fuchsman from FBRE Capital. Through their extensive lending relationships, FBRE Capital was able to arrange the non-recourse bridge loan. For any financing needs, interested parties can reach out to Brandon Michon at [email protected] and Thomas Fuchsman at [email protected].
Players
New York 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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93