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Chess Builders Secures $7.2 Million Loan From Parke Bank For Office Building In Williamsburg
FINANCED
$7,200,000
New York
See Similar DealsOffice13,604 SF
Financed 12/11/2024
FINANCED
Chess Builders Secures $7.2 Million Loan From Parke Bank For Office Building In Williamsburg
55 North 9th Street
See Similar DealsOffice13,604 SF
Financed 12/11/2024
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$529
Total Square Footage:13,604 SF
Transaction Type:Loan
The property asset involved in this transaction is an office and retail building located at 55 North 9th Street in Williamsburg, Brooklyn. The asset spans a total of 13,604 square feet and has secured financing through a loan arrangement.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $7,200,000
- Lender: Vito S. Pantilione - Parke Bank
- Landlord: Cheskel Schwimmer - Chess Builders
This transaction highlights the involvement of Vito S. Pantilione from Parke Bank, who provided the financing, and Cheskel Schwimmer of Chess Builders, who facilitated the deal through Ffn9 LLC. The loan supports the continued development and management of the property situated in a prominent Brooklyn market.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,200,000.00
Monthly NOI$48,000.00
Monthly Debt Service$45,508.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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