Richard Sutton Of Parallel CRE Secures $28.3M Refinance Loan For Brooklyn Multifamily Property
FINANCED
$28,300,000
New York
See Similar DealsMultiFamily60,000 SF
Financed 11/01/2024
FINANCED
Richard Sutton Of Parallel CRE Secures $28.3M Refinance Loan For Brooklyn Multifamily Property
1000 Lorimer Street
See Similar DealsMultiFamily60,000 SF
Financed 11/01/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$471
Total Square Footage:60,000 SF
Transaction Type:Loan
The property asset involved in this transaction is located at 1000 Lorimer Street in Brooklyn. It is classified as a multifamily asset, boasting a total square footage of 60,000. The transaction was structured around a refinance loan amounting to $28,300,000. The loan terms are detailed as leasehold financing.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $28,300,000
- Loan Type: Refinance
- Loan Terms: Leasehold Financing
- Address: 1000 Lorimer Street
- Market: Brooklyn
- BROKER: Richard Sutton - Parallel CRE
Richard Sutton from Parallel CRE represented the financial interests in this transaction. The company utilizes its extensive lender relationships and unique model to offer clients effective real estate financing solutions.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$28,300,000.00
Monthly NOI$188,666.67
Monthly Debt Service$178,875.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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