M&T Bank Provides $40M Loan For Office Building In Brooklyn Heights
205 Montague Street, Brooklyn, NY, USA
$40,000,000
$526/SF
Building Size
76,041 SF
Asset Type
Office
Closing
Jun 19, 2020
About this deal
AI
Located in the vibrant Brooklyn Heights market, the office property at 205 Montague Street has recently undergone a closed transaction. The property, which features an impressive architecture and modern design, has captured attention in the market. The transaction took place on June 20, 2020.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $40,000,000
- Market: Brooklyn Heights
- Address: 205 Montague Street
In this transaction, the lender involved was M&T Bank, providing a loan amount of $40,000,000. On the other side of the deal, the landlord was Midtown Equities.
Joseph Cayre, a reputable individual in the real estate industry, played a significant role in this transaction. Serving as the representative of the property asset, Cayre was instrumental in facilitating the deal on behalf of the involved parties.
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