Deutsche Bank Provides $19M Bridge Loan For Long Island Retail Property
17 Soundview Market Place
$19,000,000
Building Size
—
Asset Type
Retail
Closing
Oct 31, 2023
About this deal
AI
The retail property located at 17 Soundview Market Place in Long Island has recently undergone a loan transaction. The asset, owned by PEBB Enterprises and Sagamore Hill Partners, has attracted the attention of Deutsche Bank, who provided a bridge loan of $19,000,000. This loan will assist in the ongoing operations and development of the property.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $19,000,000
- Lender: Deutsche Bank
- Landlord: PEBB Enterprises & Sagamore Hill Partners
Steven Sperandio, Michael Fasano, Jake Weiss, and Brice Shafer from Ripco acted as the brokers in this transaction. Their expertise and negotiation skills facilitated a successful deal between the borrower and lender. The collaboration between the brokers and the involved parties contributed to the realization of this loan transaction.
On the Map
$19,000,000
Retail
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Players
Market 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
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93