Non-Performing Loan Sale – Bed-Stuy

Bed-Stuy

Current Payoff as of 1/31/21 $2,032,341.62
UPB $1,500,000
Ordinary Interest Rate 12%
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Loan/Note Sale , Bed-Stuy
Ben Robbins
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Details

Collateral Details:
Stories 4
Total Units 7
Building Dimensions 20 ft x 40 ft
Lot Size 20 ft x 90 ft
Gross SF 3,200

Overview

TerraCRG is pleased to exclusively offer for sale, a first position non-performing mortgage loan secured by a 7-unit multifamily property located in the Bedford-Stuyvesant neighborhood of Brooklyn (aka “Bed-Stuy”). The building is in a protected 2A tax class, and the taxes are $6,385 per year as of FY ‘21.

 

Attractions

Bed-Stuy is a central Brooklyn neighborhood that borders Clinton Hill, Crown Heights, Bushwick, and Williamsburg. The neighborhood is known for its historic brownstones, residential streets, and reputation as the cultural center for African American Brooklynites. Since the early 2000s, Bed-Stuy began to transform due to increased development, bringing together a mix of long-time residents who have lived in the neighborhood for decades, and young professionals moving in from around the world. Despite these changes to demographics, Bed-Stuy is thriving with renovated bars, restaurants, cafes and other retail spaces. The neighborhood is serviced by the G, A, C, J, M, and Z trains, as well as several bus routes. Additionally, many well-known artists and celebrities hail from Bed-Stuy, such as Jay Z, The Notorious B.I.G., Mos Def, Jackie Robinson, Chris Rock, and Tracy Morgan.

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