Mann Capital Secures $4.1M Refinance Loan For Flatbush Daycare Center
FINANCED
$4,087,500
New York
See Similar DealsOffice17,500 SF
Financed 01/31/2023
FINANCED
Mann Capital Secures $4.1M Refinance Loan For Flatbush Daycare Center
2811 Farragut Road
See Similar DealsOffice17,500 SF
Financed 01/31/2023
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$233
Total Square Footage:17,500 SF
Transaction Type:Loan
The recently closed property transaction involves a daycare center located at 2811 Farragut Road in the Flatbush neighborhood of Brooklyn. The daycare center spans an area of 17,500 square feet.
Summary of transation details
- Property Type: Daycare Center
- Transaction Amount: $4,087,500
- Market: Flatbush, Brooklyn
- Lender: Alma Bank
- Landlord: Yosef Streicher - Bumblebees RUs
The deal was facilitated by broker Abe Mann from Mann Capital. The loan for the transaction was provided by Alma Bank. The loan amount was $4,087,500 and it was a refinancing deal. The loan terms included a loan-to-value ratio (LTV) of 75%, a fixed interest rate of 5% for 5 years, and a 30-year amortization period. The interest rate was locked at the Letter of Intent (LOI) stage.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$4,087,500.00
Monthly NOI$27,250.00
Monthly Debt Service$25,835.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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