Solomon Secures $50M Refinance Loan For 800 St Marks Ave Property With Dwight Capital
800 Saint Marks Avenue
$49,999,100
$413/SF
Building Size
121,000 SF
Asset Type
Other
Closing
Apr 24, 2023
About this deal
AI
Solomon signed a $50 million refi loan with Dwight Capital for the building located at 800 St Marks Avenue in Crown Height’s. The property has a total of 121,000 square feet of built space and an additional 12,000 square feet of air rights, allowing for a total buildable space of 133,000 square feet. The prior lender, Andrews Federal Credit Union, previously held the original loan amount of $48.4 million.
Summary of transaction details
- Property Type: Other
- Transaction Amount: $50 million
- Loan Type: Refinance
- Loan Amount: $50 million
- Lender: Dwight Capital
- Address: 800 St Marks Avenue
- Market: Not mentioned
The refinance loan of $50 million for the property at 800 St Marks Avenue was facilitated by Dwight Capital. The previous lender, Andrews Federal Credit Union, held the original loan amount of $48.4 million. Solomon successfully secured the new loan to refinance the property with Dwight Capital, allowing for potential future development with the additional air rights.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93