Non Performing Mortgage Loan for Sale on 4th Avenue

Overview

The non-performing mortgage loan is secured by 668 & 670 Fourth Avenue. 668 FourthAvenue is a 3-unit multifamily property and 670 Fourth Avenue is a 3-unit multifamily corner property adjacent to 668 Fourth Avenue. The properties are 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 properties are within close proximity to the Prospect Avenue subway station with access to the D, N, R and W trains. 668 & 670 Fourth Avenue are a combined approximately 4,627 SF. Both properties are in tax class 1 and the combined total taxes are only $10,248. The loan was originated in May 2016 in the amount of $2,100,000 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.