Black Bear Capital Partners ("BBCP") and Brandon Harris have successfully secured a $3 million refinance loan for a medical office located in Plainview.
FINANCED
$3,000,000
New York
See Similar DealsOffice32,898 SF
Financed
FINANCED
Black Bear Capital Partners ("BBCP") and Brandon Harris have successfully secured a $3 million refinance loan for a medical office located in Plainview.
700 Old Country Road
See Similar DealsOffice32,898 SF
Financed
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$91
Total Square Footage:32,898 SF
Transaction Type:Loan
The medical office property located at 700 Old Country Road in Plainview encompasses a total space of 32,898 square feet. This asset was recently refinanced for a loan amount of $3,000,000 through East West Bank, utilizing a 7-year floating rate loan with a 30-year amortization schedule, no prepayment penalty, and future fixed rate SWAP optionality.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $3,000,000
- Lender: East West Bank
- Broker: Brandon Harris - Black Bear Capital Partners
- Loan Type: Refinance
- Loan Terms: 7-year floating rate loan, 30-year amortization, no prepayment penalty, future fixed rate SWAP optionality
Brandon Harris represented Black Bear Capital Partners in this refinancing transaction, facilitating the loan process with East West Bank for the medical office property. His expertise played a crucial role in securing favorable loan terms for the asset.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,000,000.00
Monthly NOI$20,000.00
Monthly Debt Service$18,962.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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