Updated Feb 16, 2024
Patch Of Land Lending Provides $1.6M Acquisition And Rehab Loan For Prospect Heights Multifamily
275 Prospect Place, Prospect Heights, Brooklyn, NY, USA
$1,615,000
$537/SF
Building Size
3,004 SF
Asset Type
MultiFamily
Closing
Apr 27, 2021
About this deal
AI
A multifamily property located at 275 Prospect Place in Prospect Heights, Brooklyn has recently been involved in a closed transaction. The property, situated in a vibrant market, offers potential for investment opportunities.
Summary of transaction details
- Property Type: Multifamily
- Address: 275 Prospect Place, Prospect Heights, Brooklyn
- Market: Prospect Heights, Brooklyn
- Loan Amount: $1,615,000
- Lender: Patch of Land Lending
- Landlord: Adam Rac
The financing for the acquisition and rehabilitation of the multifamily property was provided by Patch of Land Lending. The loan amount of $1,615,000 represents 85% loan-to-cost (LTC) ratio and offers a loan term of 18 months. The loan terms include interest-only payments and there is no prepayment penalty.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.82%
Cash-on-Cash
-2.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93