Non Performing Loan Sale in Greenwood Heights

Overview

The non-performing mortgage loan is secured by 195 22nd Street. 195 22nd Street is a 6-unit multifamily property located in the Greenwood Heights section of Brooklyn. Greenwood Heights neighbors Park Slope and has undergone a transformation with new modern condo developments and a surge of new local restaurants and bars. The property is also within close proximity to the Prospect Avenue subway station with access to the D, N, R and W trains. 195 22nd Street is an approximately 5,040 SF property that contains two buildings on the same lot. The front building has 4 residential units, and the back building has 2 residential units. The building is in the protected 2A tax class and the taxes are only $8,964/year. The loan was originated in April 2016 in the amount of $2,000,000 with loan maturity on May 1, 2036. The loan has a fixed interest rate of 3.71% for the first 5 years and a default interest rate of additional 400 BPS.