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Prosper Property Group Secures $31.2M Acquisition Loan For Office Asset In Brooklyn

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FINANCED
$31,200,000

New York

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Office125,000 SF
Financed 07/31/2024
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FINANCED

Prosper Property Group Secures $31.2M Acquisition Loan For Office Asset In Brooklyn

57 Willoughby Street

See Similar Deals
Office125,000 SF
Financed 07/31/2024
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$249
Total Square Footage:125,000 SF
Transaction Type:Loan

The property asset involved in this transaction is an office located at 57 Willoughby Street in Brooklyn, comprising a total square footage of 125,000. The loan amount secured for this acquisition is $31,200,000.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $31,200,000
  • Address: 57 Willoughby Street
  • Market: Brooklyn
  • Lender: Argentic Investment Management - Loren Berger
  • Landlord: Prosper Property Group - Damien Smith & Eddie Bender, Zuccarello Companies - Peter Zuccarello & GRA Equities - Gary Romaniello
  • Brokers: Aaron Niedermayer, Steven Klein & Ethan Stanton - JLL
  • Loan Type: Acquisition

The deal involves key representatives including Loren Berger of Argentic Investment Management as the lender. The landlords are represented by Damien Smith and Eddie Bender from Prosper Property Group, Peter Zuccarello from Zuccarello Companies, and Gary Romaniello from GRA Equities. The brokerage team from JLL, consisting of Aaron Niedermayer, Steven Klein, and Ethan Stanton, facilitated the transaction.

Players

Ethan Stanton
134 deals$6.2B volume(516) 790-7718
BROKER

Steven (Steve) Klein
JLL
51 deals$3.9B volume(212) 632-1838
BROKER

Aaron Niedermayer
JLL
32 deals$2.2B volume
BROKER

Details

FINANCED
IMAGE: Aaron Niedermayer, Steven Klein, Damien Smith, Peter Zuccarello, Eddie Bender, Loren Berger & Gary Romaniello DATE: 07/30/2024 ADDRESS: 57 Willoughby Street MARKET: Brooklyn ASSET TYPE: Office ~ SF: 125,000 LENDER: Argentic Investment Management - Loren Berger LANDLORD: Prosper Property Group - Damien Smith & Eddie Bender, Zuccarello Companies - Peter Zuccarello & GRA Equities - Gary Romaniello BROKERS: Aaron Niedermayer, Steven Klein & Ethan Stanton - JLL (@JLL) LOAN AMOUNT: $31,200,000 LOAN TYPE: Acquisition

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$31,200,000.00

Monthly NOI$208,000.00
Monthly Debt Service$197,205.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00