Non Performing Loan Sale in Downtown Brooklyn

Overview

The non-performing mortgage loan is secured by 63 Duffield Street. 63 Duffield Street is a 6-unit, multifamily property located in one of Brooklyn’s premiere neighborhoods – Downtown Brooklyn. Since the 2005 rezoning, Downtown Brooklyn has undergone a complete revitalization with numerous large scale commercial and residential development projects, including Barclay’s Center, Pacific Park, City Point and the BAM-Downtown Brooklyn Cultural District. Downtown Brookyn also contains a core of highly respected educational institutions including Long Island University and over 2,500 hotel keys to help accommodate the 15 million+ visitors to the borough annually. 63 Duffield Street is an approximately 5,100 SF, three-story building, set on a 25 ft x 101 ft lot. The building is in the protected 2A tax class and the taxes are only $10,987/year. The loan was originated in April 2016 in the amount of $1,900,000 with loan maturity on May 1, 2036. The loan has a fixed interest rate of 3.75% for the first 5 years and a default interest rate of additional 400 BPS.