Non-Performing Loan Sale in Bushwick

865 Hart Street

Bushwick

Cross Streets Irving Ave & Knickerbocker Ave
Original Loan Amount $1,520,000
UPB $1,460,763
Position 1st Lien
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B13, B26, B38, B52, B54, B60
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Loan/Note Sale 865 Hart Street, Bushwick
Tim Thompson
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Details

Lot Dimensions 25 ft x 100 ft
Building Dimensions 25 ft x 70 ft
Gross SF 5,250

Overview

TerraCRG has been retained on an exclusive basis to sell the first position, non-performing mortgage loan, along with an agreement for a deed in lieu of foreclosure from borrower (which the lender is currently negotiating), secured by the real estate located at 865 Hart Street in Brooklyn. 865 Hart Street is a 6-unit, multifamily property located in prime Bushwick, between Knickerbocker and Irving Avenues.

865 Hart Street is an approximately 5,250 square foot, three-story building, set on a 25 ft x 70 ft lot. The building is in the protected 2A tax class, and the taxes are $10,303/year.

The loan was originated on August 29, 2017 in the amount $1,520,000, with a loan maturity date of September 1, 2037. The loan has a fixed interest rate of 3.60% for the first 60 months, followed by a floating rate at 6-month LIBOR plus 3.25% (floor of 3.60% and ceiling of 8.60%) for the remaining term. The contract rate adjusts every six months and the amortization is recalculated.

Attractions

Bushwick is one of Brooklyn’s most vibrant neighborhoods known for the explosion of bars, restaurants, coffee shops, music venues and art studios that have opened in the neighborhood. Bushwick had the highest dollar volume of multifamily sales transactions in Brooklyn in 2020, with an average sale price per square foot of over $500. The neighborhood experienced overall commercial and multifamily sales transaction dollar volume of $195,000,000 in 2020, solidifying Bushwick as one of Brooklyn’s most transactionally active neighborhoods.

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