Merchants Capital Provides $51M Loan For Homeless Shelter In Crown Heights
267 Rogers Ave, Brooklyn, NY 11225, USA
$51,000,000
$419/SF
Building Size
121,541 SF
Asset Type
Other
Closing
Jun 4, 2019
About this deal
AI
The homeless shelter located at 267 Rogers Ave in Crown Heights has been involved in a closed transaction. The property, owned by Heights Real Estate Advisors and Samaritan Daytop Village, has recently received a loan from Merchants Capital. The loan amount for this transaction was $51,000,000, with a term of 10 years.
Summary of transaction details:
- Property Type: Homeless Shelter
- Transaction Amount: $51,000,000
- Lender: Merchants Capital
- Landlord: Heights Real Estate Advisors & Samaritan Daytop Village
- Loan Terms: 10-year loan
Mitchell Netburn and Michael F. Petrie were involved in this transaction as representatives from Merchants Capital. They facilitated the loan process between the lender and the property owners, Heights Real Estate Advisors and Samaritan Daytop Village.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93