Jeff Sutton & Joseph Sutton Of Wharton Properties Secure $6 Million Refinance Loan For Retail Asset
506 Utica Avenue
$6,000,000
Building Size
—
Asset Type
Retail
Closing
Sep 16, 2026
About this deal
AI
The asset involved in this transaction is a retail property located at 506 Utica Avenue in Brooklyn. The total loan amount for refinancing has been set at $6,000,000. This property falls under the retail category, indicating its suitability for commercial use in the bustling Brooklyn market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,000,000
- Address: 506 Utica Avenue
- Market: Brooklyn
- Borrower: Jeff Sutton & Joseph Sutton - Wharton Properties
- Broker: Ezra Sutton - Meridian Capital Group
- Loan Type: Refinance
- Date of Transaction: 09/16/2026
This transaction was facilitated by Ezra Sutton, representing Meridian Capital Group as the broker for the deal. Jeff Sutton and Joseph Sutton, associated with Wharton Properties, acted as the borrowers in this refinancing transaction.
On the Map
$6,000,000
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
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93