The Loketch Group Acquires Office Property On Spencer Street In Williamsburg, Brooklyn For $17M
FINANCED
$17,000,000
New York
See Similar DealsOffice590,000 SF
Financed 11/18/2019
FINANCED
The Loketch Group Acquires Office Property On Spencer Street In Williamsburg, Brooklyn For $17M
18 Spencer St, Brooklyn, NY 11205, USA
See Similar DealsOffice590,000 SF
Financed 11/18/2019
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$28
Total Square Footage:590,000 SF
Transaction Type:Loan
The office property located at 18 Spencer Street in Williamsburg, Brooklyn has been involved in a closed property transaction. The property spans approximately 59,000 square feet and was sold for a loan amount of $17,000,000. The transaction took place on November 18, 2019.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $17,000,000
- Address: 18 Spencer Street, Williamsburg, Brooklyn
- Market: Williamsburg, Brooklyn
- Square Footage: 59,000
Pinny and Moishe Loketch, from The Loketch Group, were the owners of the property. The lender in the transaction was Bridge Investment Group. The mortgage broker involved in the deal was MERIDIAN CAPITAL GROUP, represented by Michael Neumann, Morris Betesh, and others.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,000,000.00
Monthly NOI$113,333.33
Monthly Debt Service$107,451.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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