NewBank Provides $8.8 Million Refinance Loan For Office Building In Brooklyn
$8,800,000
$220/SF
Building Size
40,000 SF
Asset Type
Office
Closing
Sep 24, 2026
About this deal
AI
A refinance loan has closed for a new construction office building in Brooklyn, NY. The asset comprises 40,000 square feet and has a loan amount of $8,800,000. The refinance features a 5-year fixed interest rate of 6.25% with a prepayment structure of 5-3-1-1-1, allowing flexibility for the client.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,800,000
- Loan Type: Refinance
- Loan Terms: 5 YR Fixed, 6.25%, 5-3-1-1-1 Prepayment
- Lender: NewBank - Matt Kang
- Broker Representatives: Jared Sobel, Ben Daniels, Scott Kummings & Mike Alexander - Raven Property Advisors
The Raven Property Advisors team successfully locked the loan rate at application and maintained it through closing, providing their client with certainty from the outset. The team expressed gratitude to their client for their trust and acknowledged the smooth execution with their lending partner.
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
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93