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Isaac Gindi Secures $14.2M Financing For Retail Property In Fort Hamilton
FINANCED
$14,200,000
New York
See Similar DealsRetail
Financed 04/24/2024
FINANCED
Isaac Gindi Secures $14.2M Financing For Retail Property In Fort Hamilton
8613 5th Avenue
See Similar DealsRetail
Financed 04/24/2024
Summary
NEW YORK
Asset Type:Retail
Transaction Type:Loan
The property involved in the transaction is the old Century 21 building in Bay Ridge, located at 8613 Fifth Ave., Brooklyn. Owned by Isaac Gindi, the asset secured financing of $14.2 million from Oceanview Life and Annuity Co. The funding will facilitate the transformation of the property into a new "urban retail landscape."
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $14,200,000
- IMAGE: Isaac Gindi
- DATE: 04/24/2024
- ADDRESS: 8613 5th Avenue
- MARKET: Fort Hamilton, Brooklyn
The loan of $14.2 million was provided by Oceanview Life & Annuity for the redevelopment of the old Century 21 building. Isaac Gindi, the landlord, played a key role in securing the financing for the transformation of the property into a modern urban retail hub.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,200,000.00
Monthly NOI$94,666.67
Monthly Debt Service$89,753.66
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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