Progress Realty Partners Secures $9.9M Acquisition Loan For Buffalo Retail Property
FINANCED
$9,900,000
New York
See Similar DealsRetail150,000 SF
Financed 07/05/2023
FINANCED
Progress Realty Partners Secures $9.9M Acquisition Loan For Buffalo Retail Property
5165 Broadway, Depew, NY 14043, USA
See Similar DealsRetail150,000 SF
Financed 07/05/2023
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$66
Total Square Footage:150,000 SF
Transaction Type:Loan
The property involved in this transaction is a retail asset located at 5165 & 5175 Broadway in Buffalo. The property spans a total of 150,000 square feet. The deal was facilitated by Progress Realty Partners, represented by Dan Salonis, Adam Dickert, and Kathy Anderson. The broker for this transaction was Brad Domenico of Progress Capital.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $9,900,000
- Loan Type: Acquisition
- Loan Terms: 5.65% Fixed Rate Loan Closed within 60 Days
The key individuals involved in this deal include Dan Salonis, Adam Dickert, Kathy Anderson from Progress Realty Partners, who acted as the landlord in this transaction. Brad Domenico of Progress Capital served as the broker for this deal, securing a loan amount of $9,900,000 for the acquisition. The loan terms included a fixed rate of 5.65% and the loan was successfully closed within 60 days.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,900,000.00
Monthly NOI$66,000.00
Monthly Debt Service$62,574.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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