Jed Walentas And Amish Patel Of Two Trees Management Secure $27.5M Refinance Loan From M&T Bank
118 2nd Avenue, 73 12th Street & 1 11th Street
$27,500,000
$67/SF
Building Size
136,000 SF
Asset Type
Retail
Closing
May 8, 2025
About this deal
AI
The asset involved in this transaction consists of five properties located in Gowanus, Brooklyn, encompassing a total area of 136,000 square feet. The addresses include 118 2nd Avenue, 73 12th Street, and 1 11th Street. Two Trees Management and Madison Capital have secured a refinance loan in the amount of $27,500,000 from M&T Bank for these retail properties.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $27,500,000
- Market: Gowanus, Brooklyn
- Lender: M&T Bank
- Landlord: Jed Walentas & Amish Patel - Two Trees Management; Richard Wagman - Madison Capital
- Loan Type: Refinance
The transaction involves key representatives from the involved companies, specifically Jed Walentas and Amish Patel from Two Trees Management, along with Richard Wagman from Madison Capital. Their roles indicate a collaboration focused on the refinancing of significant retail properties within the Gowanus area.
On the Map
$27,500,000
$67/SF
Retail
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Players
New York 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
0.58%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93