Eric Malka & Dennis Mihalatos Provide $3M Bridge Loan For Southampton Development
FINANCED
$3,000,000
New York
See Similar DealsSingle Family Residence4,000 SF
Financed 06/13/2024
FINANCED
Eric Malka & Dennis Mihalatos Provide $3M Bridge Loan For Southampton Development
94 Pelletreau Street
See Similar DealsSingle Family Residence4,000 SF
Financed 06/13/2024
Summary
NEW YORK
Asset Type:Single Family Residence
Price Per Square Foot:$750
Total Square Footage:4,000 SF
Transaction Type:Loan
94 Pelletreau Street is a single-family residence located in Southampton, NY, encompassing 4,000 square feet. The property is notable for its potential suitability for new development projects in the market. The bridge loan of $3,000,000 supports this growth in the area.
Summary of transaction details:
- Property Type: Single Family Residence
- Transaction Amount: $3,000,000
- Lender: Eric Malka & Dennis Mihalatos - Mission Real Estate Funding
- Landlord: John Browne
- Loan Type: Bridge
- Loan Terms: 18-month Bridge loan for new development
Eric Malka and Dennis Mihalatos served as the representatives for Mission Real Estate Funding in this transaction, facilitating the bridge loan for John Browne, the landlord involved in the deal. Their role was crucial in enabling financing for future enhancements and developments associated with the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,000,000.00
Monthly NOI$20,000.00
Monthly Debt Service$18,962.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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