Richard Sutton Of Parallel CRE Secures $28.3M Refinance Loan For Brooklyn Multifamily Property
1000 Lorimer Street
$28,300,000
$471/SF
Building Size
60,000 SF
Asset Type
MultiFamily
Closing
Nov 1, 2024
AI
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.
Players
Brooklyn 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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93