Monadnock Development Secures $107.9M Construction Loan For East New York Specialty Property
414 Vandalia Avenue, East New York,New Yor, 461 Vandalia Avenue,East New York,New York & 71 Gateway Drive,East New York,New York
$107,898,444
Building Size
—
Asset Type
—
Closing
Dec 22, 2022
About this deal
AI
Monadnock Development, a real estate development company, has recently secured a construction loan for their specialty property located at 414 & 461 Vandalia Avenue & 71 Gateway Drive in East New York. The loan was provided by the NYC Housing Development Corporation and facilitated by Lauren Connors, a representative of the corporation.
Summary of transaction details
- Property Type: Specialty
- Transaction Amount: $107,898,444
- Loan Type: Construction
- Address: 414 & 461 Vandalia Avenue & 71 Gateway Drive
- Market: East New York
- Landlord: Monadnock Development
- Lender: NYC Housing Development Corporation
- Lender's Representative: Lauren Connors
Nicholas Lembo, a representative of Monadnock Development, played a vital role in securing the loan for this project. The specialty property, with its unique features and potential, presents an exciting investment opportunity for the developer and the local community in East New York.
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$107,898,444
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93