L&M Development, Taconic Partners & BFC Partners Secure $39.7M Refinance Loan For Coney Island Office Space
1912 Mermaid Avenue, Brooklyn, New York 11224, United States
$39,700,000
$603/SF
Building Size
65,833 SF
Asset Type
Office
Closing
May 12, 2022
About this deal
AI
The property involved in this closed transaction is an office building located at 1912 Mermaid Ave. in Coney Island. The building has a total square footage of 65,833 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $39,700,000
- Market: Coney Island
The loan for this transaction was provided by Mesirow Financial. The landlords involved in the deal are L+M Development, Taconic Partners, and BFC Partners. The brokers representing the parties involved in the transaction are Walker & Dunlop. The loan amount for this refinance is $39,700,000 with a 10-year fixed rate term.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93