Meridian Capital Group Arranges $14M Refinance Loan For Commack Retail Property
656 Commack Road
$14,000,000
$643/SF
Building Size
21,744 SF
Asset Type
Retail
Closing
May 26, 2022
About this deal
AI
The retail property located at 656-668 Commack Road in Commack has recently undergone a refinancing transaction. The property spans approximately 21,744 square feet, and the deal was facilitated by brokers Matt Buggenhagen and Jason Labriola from Meridian Capital Group.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $14,000,000
- Loan Type: Refinance
- Loan Terms: 10-year term, 3.50% interest rate, 30-year amortization
The loan amount for this transaction was $14,000,000, and it was utilized for refinancing purposes. The loan terms include a 10-year term, with an interest rate of 3.50% and a 30-year amortization schedule.
Players
East Providence 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93