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662 Madison St, Brooklyn, N...

Updated Oct 29, 2024

Oved Group Acquires Multifamily Property In Brooklyn, NY For $3.46M
SOLDMultiFamily

Oved Group Acquires Multifamily Property In Brooklyn, NY For $3.46M

662 Madison St, Brooklyn, NY 11221, USA

Building Size

101,600 SF

Asset Type

MultiFamily

Closing

Apr 8, 2018

About this deal

AI

The multifamily property located at 662 Madison Street in Brooklyn, NY has been acquired and financed in a closed transaction. The property spans a total of 10,160 square feet.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $3,460,000
  • Address: 662 Madison Street, Brooklyn, NY
  • Landlord: Joseph Oved, Oved Group
  • Lender: John Darrow, Sabal Financial
  • Broker: Brad Domenico, Partner Progress Capital
  • Rate: 3.85% Fixed for 7 Years
  • Loan to Value: 80%

The landlord for the property is Joseph Oved, representing Oved Group. The lender involved in the financing is John Darrow from Sabal Financial, while the broker facilitating the deal is Brad Domenico from Partner Progress Capital.

This transaction was made possible with a loan amount of $3,460,000, offering a fixed interest rate of 3.85% for a term of 7 years. The loan to value ratio for this deal is capped at 80%. Additionally, a notable feature of the loan is the 24-month interest-only period.

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Players

Brad Domenico

Cushman & Wakefield

Broker

$4B

vol

137 deals

Broker
Joseph Oved

Joseph Oved

Landlord

$22M

vol

5 deals

Landlord
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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