Mann Capital Secures $4.1M Refinance Loan For Flatbush Daycare Center
2811 Farragut Road
$4,087,500
$233/SF
Building Size
17,500 SF
Asset Type
Office
Closing
Jan 31, 2023
About this deal
AI
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
Market 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
3.88%
Cash-on-Cash
-1.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93