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Sam Kwak Refinances Properties In New York City For $16.76M With Lenders Berkadia And Modern Bank

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FINANCED
$16,762,000

New York

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Package Deal71,268 SF
Financed 04/28/2023
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FINANCED

Sam Kwak Refinances Properties In New York City For $16.76M With Lenders Berkadia And Modern Bank

71 2nd Avenue, 218 East 12th Street & 199 2nd Avenue

See Similar Deals
Package Deal71,268 SF
Financed 04/28/2023
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Summary

NEW YORK
Asset Type:Package Deal
Price Per Square Foot:$235
Total Square Footage:71,268 SF
Transaction Type:Loan

The transaction involves a package deal consisting of properties located at 71 2nd Avenue, 218 East 12th Street, 317 Smith Street, and 199 2nd Avenue in the New York City market. The total square footage of the assets amounts to 23,756. The loan amount associated with this deal is $16,762,000, structured as a refinance with partial interest-only terms at a lowest rate of 5.50%.

Summary of transaction details:

  • Property Type: Package Deal
  • Transaction Amount: $16,762,000
  • Asset Square Footage: 23,756
  • Lender: Berkadia & Modern Bank
  • Landlord: Sam Kwak
  • Broker: Joseph Hach - Refined CRE
  • Loan Type: Refinance
  • Loan Terms: Partial interest-only, lowest rate 5.50%

The key individuals involved in this transaction include Sam Kwak, acting as the landlord, and Joseph Hach representing the interests of the deal through Refined CRE. The lending institutions for this transaction are Berkadia and Modern Bank, facilitating the financial aspects of the refinance agreement.

Players

Joseph (Joe) Hach
24 deals$149.4M volume
BROKER

Berkadia
BROKERAGE

Berkadia
LENDER

Details

FINANCED
IMAGE: Joseph Hach DATE: 04/28/2023 ADDRESS: 71 2nd Avenue, 218 East 12th Street, 317 Smith Street & 199 2nd Avenue MARKET: New York City ASSET TYPE: Package Deal ~ SF: 23,756 LENDER: Berkadia (@Berkadia) & Modern Bank LANDLORD: Sam Kwak BROKER: Joseph Hach (@JosephHach) - Refined CRE (@Refined_CRE) LOAN AMOUNT: $16,762,000 LOAN TYPE: Refinance LOAN TERMS: Partial interest-only, lowest rate 5.50%

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$16,762,000.00

Monthly NOI$111,746.67
Monthly Debt Service$105,947.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00