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.