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Kashif Iqbal Secures $4.5M Refinance Loan From Flushing Bank For Retail Property In Mott Haven
FINANCED
$4,500,000
New York
See Similar DealsRetail37,500 SF
Financed 04/09/2025
FINANCED
Kashif Iqbal Secures $4.5M Refinance Loan From Flushing Bank For Retail Property In Mott Haven
600 East 138th Street
See Similar DealsRetail37,500 SF
Financed 04/09/2025
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$120
Total Square Footage:37,500 SF
Transaction Type:Loan
The property asset involved in the transaction is a retail space located at 600 East 138th Street in the Mott Haven neighborhood of Bronx. The asset has a building square footage (BSF) of 45,562 and a total square footage (SF) of 37,500. The loan amount for refinancing this property is $4,500,000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,500,000
- Market: Mott Haven, Bronx
- Lender: Flushing Bank
- Landlord: Kashif Iqbal
- Previous Loan Amount: $5,200,000
- Previous Lender: Parsons Capital Fund
Kashif Iqbal is the landlord of the property and has successfully refinanced the retail asset, replacing his previous loan with Flushing Bank. This refinancing action indicates a strategic financial decision to manage the property’s funding more effectively.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$4,500,000.00
Monthly NOI$30,000.00
Monthly Debt Service$28,443.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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