FINANCEDRetail
Sadick Mann Secures $7.7M Refinance Loan From JPMorgan Chase For Brooklyn Properties
2828 Church Avenue & 1921 Church Avenue
$7,700,000
$210/SF
Building Size
18,335 SF
Asset Type
Retail
Closing
Apr 15, 2025
About this deal
AI
The transaction involves two properties located at 2828 Church Avenue and 1921 Church Avenue in Flatbush, Brooklyn. These assets are categorized as retail and mixed-use properties, encompassing a combined building square footage of 45,858, with the usable space being 18,335 square feet. The loan amount secured for refinancing these properties is $7,700,000.
Summary of transaction details:
- Property Type: Retail & Mixed-use
- Transaction Amount: $7,700,000
- Lender: JPMorgan Chase
- Landlord: Sadick Mann
- Loan Type: Refinance
- Prior Lender: Flagstar Bank
The refinancing was executed by Sadick Mann, who strategically replaced prior debt associated with the two Brooklyn properties through the new loan arrangement with JPMorgan Chase.
On the Map
$7,700,000
$210/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
2.06%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93