Suffolk Federal Credit Union Grants $4M Loan For Hauppauge Office Property
490 Wheeler Road
$4,000,000
Building Size
—
Asset Type
Office
Closing
Nov 22, 2022
About this deal
AI
Located at 490 Wheeler Road in Hauppauge, this office property was involved in a closed transaction. The property is owned by Island Associates and the landlord of the property is Roger Delisle. The property is an office space in the Hauppauge market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $4,000,000
- Lender: Suffolk Federal Credit Union
- Brokers: Matt Buggenhagen & Jason Labriola - Meridian Capital Group
Representing the buyer and seller in this transaction were brokers Matt Buggenhagen and Jason Labriola from Meridian Capital Group. The loan for this transaction was a permanent mortgage with a loan amount of $4,000,000. The loan terms included a 5-year term, 25-year amortization, and a 5.25% interest rate. The loan was non-recourse, providing further security for the borrower.
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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93