Teachers Federal Credit Union Provides $5M Loan For Nanuet Retail Property On Hutton Ave
43 Hutton Avenue, Nanuet, Rockland County, NY, USA
$5,000,000
$42/SF
Building Size
117,844 SF
Asset Type
Retail
Closing
Jan 30, 2019
About this deal
AI
The retail property located at 43 Hutton Ave. in Nanuet, Rockland County, recently underwent a loan transaction. The property is situated at the intersection of Route 59 and NY State Thruway. It spans a total of 117,844 square feet and is owned by Abraham Israel. The loan was secured from Teachers Federal Credit Union (TFCU) in the amount of $5 million.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $5M
- Date: 01/31/2019
- Address: 43 Hutton Ave. (intersection of Route 59 and NY State Thruway)
- Market: Nanuet, Rockland County
- Lender: Teachers Federal Credit Union (TFCU)
- Landlord: Abraham Israel
- Broker: Morris Dweck - ABS-AW
- Square Footage: 117,844 SF
The loan terms are set at 7+7 years, with no prepayment penalty for the full duration of the loan term. Notably, the mortgage was secured by a long-term ground lease from Home Depot.
Players
Nanuet 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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93