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.