United American Land Secures $9M Refinance Loan From First Citizens Bank For 395 Jay Street
395 Jay Street
$9,000,000
$718/SF
Building Size
12,520 SF
Asset Type
Retail
Closing
Apr 8, 2025
AI
The retail property located at 395 Jay Street in Downtown Brooklyn has a building size of 131,800 BSF and a total square footage of 12,520. The property has been refinanced for $9,000,000, replacing an existing loan amount of $7,000,000 held with Blackstone.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,000,000
- Lender: First Citizens Bank
- Landlord: Albert Laboz
- Company: United American Land
Albert Laboz represents United American Land in this refinancing transaction. The deal highlights the financial restructuring of the retail asset in the competitive market of Downtown Brooklyn.
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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93