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3008 Fulton Street

Updated Dec 4, 2024

Owemanco Provides $8M Loan For Mixed-Use Portfolio In Brooklyn By Sohail Zayona
FINANCEDRetail

Owemanco Provides $8M Loan For Mixed-Use Portfolio In Brooklyn By Sohail Zayona

3008 Fulton Street

$8,000,000

Building Size

—

Asset Type

Retail

Closing

Feb 9, 2024

About this deal

AI

The mixed-use property located at 3008 Fulton Street in Cypress Hills, Brooklyn was involved in a $8,000,000 term loan for recapitalization. The loan, provided by Sohail Zayona of Owemanco, had a 12-month term with a partial release provision. The loan was secured by a portfolio of 9 commercial and residential properties across New York City, with a focus on various parts of Brooklyn.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $8,000,000
  • Lender: Sohail Zayona - Owemanco
  • Landlord: Ramzey M. Ahmad
  • Loan Type: Recapitalization
  • Loan Terms: 12-month term with partial release provision

Owemanco, a Toronto-based balance sheet bridge lender, structured the $8,000,000 term loan to support the sponsor's efforts in recalibrating their financing across the portfolio. Ramzey M. Ahmad, the landlord, was the key individual involved in the transaction.

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$8,000,000

Retail

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Players

Owemanco
OwemancoLender
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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