ConnectOne Bank Provides $8M Refinance Loan For Mount Vernon Office Property
256 Washington Street, Mount Vernon, New York 10553, United States
$8,000,000
$112/SF
Building Size
71,000 SF
Asset Type
Office
Closing
Feb 23, 2022
About this deal
AI
An office property located at 256 Washington Street in Mount Vernon was recently involved in a refinancing transaction. The property has a total area of 71,000 square feet and is situated in the Mount Vernon market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $8,000,000
- Lender: ConnectOne Bank
- Brokers Involved: Brad Domenico & Frank Stanislaski - Progress Capital
Brad Domenico and Frank Stanislaski from Progress Capital represented the parties involved in the deal as the brokers. ConnectOne Bank provided a refinance loan of $8,000,000 for the office property located at 256 Washington Street.
Players
City of Mount Vernon 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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93