Island Federal Credit Union Provides A $7M Acquisition Loan For Retail Property In Bushwick
1291 Broadway, Brooklyn, New York 11221, United States
$7,000,000
$435/SF
Building Size
16,084 SF
Asset Type
Retail
Closing
Sep 12, 2022
About this deal
AI
Located at 1291 Broadway in Bushwick, this retail property spans 16,084 square feet. The property was recently involved in a closed transaction for acquisition.
Summary of Transaction Details
- Property Type: Retail
- Transaction Amount: $7,000,000
- Address: 1291 Broadway
- Market: Bushwick
- Lender: Island Federal Credit Union
- Landlord: Bryan Murphy
- Mortgage Brokers: Lynn Marcello & Nicole Schmidt - B6 Real Estate Advisors
- Seller's Representative: DJ Johnston - B6 Real Estate Advisors
- Loan Type: Acquisition
- Loan Terms: 78% LTV, 4.25%, 7 Year Term, No Pre-Payment Penalty
The loan for the acquisition of this retail property was facilitated by B6 Real Estate Advisors, with Lynn Marcello and Nicole Schmidt acting as mortgage brokers. DJ Johnston, also from B6 Real Estate Advisors, represented the seller in the transaction.
On the Map
$7,000,000
$435/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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93