Cross River Bank Provides $2.5M Acquisition Loan For Cedarhurst Office Property, Facilitated By Steven Vegh - Westwood Realty Associates
532 Willow Avenue
$2,500,000
$227,272/SF
Building Size
11 SF
Asset Type
Office
Closing
Sep 29, 2022
About this deal
AI
The property asset involved in this transaction is an office located at 532 Willow Avenue in Cedarhurst, comprising a total of 11,000 square feet. The property is financed through a loan amounting to $2,500,000, which is classified as an acquisition loan with terms of a 10-year duration and a 25-year amortization period.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $2,500,000
- Loan Type: Acquisition
- Loan Terms: 10Y Term, 25Y Amortization
- Lender: Cross River Bank
- Broker: Steven Vegh - Westwood Realty Associates
- Market: Cedarhurst
- Address: 532 Willow Avenue
- Asset Size: 11,000 SF
In this transaction, Steven Vegh from Westwood Realty Associates represents the interests involved, acting on behalf of the parties engaged in the loan acquisition with Cross River Bank facilitating the funding for the office property.
On the Map
$2,500,000
$227,272/SF
Office
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Players
Cedarhurst 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
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93