Updated Oct 29, 2024
Cranbrook Partners Refinances Brooklyn & Bronx Portfolio Of 643 Units And 19 Stores For $51M Loan With Signature Bank. Brokers: Michael Edery & Rivky Herzberg - Paradigm Commercial Real Estate
200 Linden Blvd, Brooklyn, NY 11226, USA
$23,000,000
$321/SF
Building Size
71,448 SF
Asset Type
MultiFamily
Closing
Apr 16, 2020
About this deal
AI
Cranbrook Partners has closed on the refinance of a Brooklyn and Bronx portfolio consisting of 19 buildings, totaling 643 residential units and 19 stores. The multifamily properties, located in the Brooklyn and Bronx markets, were refinanced for a loan amount of $51,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Loan Amount: $51,000,000
- Loan Type: Refinance
- Loan Terms: 5yr fixed, 3.375%, Full Term IO, Non-Recourse
- Lender: Signature Bank
- Landlord: Cranbrook Partners
- Brokers: Michael Edery & Rivky Herzberg - Paradigm Commercial Real Estate
The loan was provided by Signature Bank at a fixed interest rate of 3.375% for a term of 5 years. The loan is full term interest-only and non-recourse. Michael Edery and Rivky Herzberg from Paradigm Commercial Real Estate represented both the borrower and the lender in the deal.
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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93