Richard Sutton Of Parallel CRE Secures $10.5 Million Loan For Retail Redevelopment In Brooklyn
66 North 6th Street
$10,500,000
Building Size
—
Asset Type
Retail
Closing
Feb 28, 2026
About this deal
AI
This retail asset, located at 66 North 6th Street in Brooklyn, comprises approximately 15,000 square feet. The property, iconically recognized as The Music Hall of Williamsburg, is set for redevelopment. The loan amount for this acquisition is $10,500,000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $10,500,000
- Address: 66 North 6th Street
- Market: Brooklyn
- Lender: T30 Capital
- Broker: Richard Sutton - Parallel CRE
- Loan Type: Acquisition
Richard Sutton, representing Parallel CRE, facilitated the loan closing for this property. Parallel CRE specializes in providing tailored financing solutions to sponsors and played a key role in arranging the acquisition financing for this retail space.
On the Map
$10,500,000
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
1.51%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93