Updated Sep 9, 2024
Meridian Capital Group Arranges $5.5M Refinance Loan For Special Purpose Property On Staten Island
2187 Richmond Avenue
$5,500,000
$392/SF
Building Size
14,000 SF
Asset Type
Special Purpose
Closing
Aug 5, 2022
About this deal
AI
Meridian Capital Group has facilitated a refinancing deal for a special purpose property located at 2187 Richmond Ave in Staten Island. The property spans 14,000 square feet and is situated in the vibrant Staten Island market.
Summary of transaction details
- Property Type: Special Purpose
- Transaction Amount: $5,500,000
- Loan Type: Refinance
- Loan Terms: 10 Years, 3.75%, 2 years of interest only, non-recourse
Reuben Hedaya and Judah Hammer from the Meridian Capital Group played a key role in the transaction, serving as the brokers. Their expertise and negotiation skills helped secure the refinancing deal for the property owner.
On the Map
$5,500,000
$392/SF
Special Purpose
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Players
Staten Island Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93