Northeast Bank Provides $7.5M Refinance Loan For Williamsburg Retail Property
107 North 6th Street
$7,500,000
$2,217/SF
Building Size
3,383 SF
Asset Type
Retail
Closing
Feb 2, 2024
About this deal
AI
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.
On the Map
$7,500,000
$2,217/SF
Retail
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Players
Brooklyn Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93