Northeast Bank Provides $7.5M Refinance Loan For Williamsburg Retail Property
FINANCED
$7,500,000
New York
See Similar DealsRetail3,383 SF
Financed 02/02/2024
FINANCED
Northeast Bank Provides $7.5M Refinance Loan For Williamsburg Retail Property
107 North 6th Street
See Similar DealsRetail3,383 SF
Financed 02/02/2024
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$2,217
Total Square Footage:3,383 SF
Transaction Type:Loan
The property involved in this transaction is a retail space located at 107 North 6th Street in Williamsburg, Brooklyn. The property spans 3,383 square feet and is owned by Michael Alvandi and Harry Hochman of City Urban Realty. The loan transaction is a refinance. Northeast Bank provided a loan amount of $7,500,000 to the owners.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $7,500,000
- Address: 107 North 6th Street, Williamsburg, Brooklyn
- Market: Williamsburg, Brooklyn
- Landlord: Michael Alvandi & Harry Hochman - City Urban Realty
The individuals involved in this deal are Michael Alvandi and Harry Hochman, who represent City Urban Realty as the landlords of the property.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,500,000.00
Monthly NOI$50,000.00
Monthly Debt Service$47,405.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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