Libremax Capital Provides $63.6M Loan For Williamsburg Condo Development
722 Metropolitan Avenue, Brooklyn, NY 11211, USA
$63,600,000
$974/SF
Building Size
65,288 SF
Asset Type
—
Closing
Dec 12, 2019
About this deal
AI
The property involved in this closed transaction is a condominium located at 722 Metropolitan Avenue in Williamsburg. The asset covers a total area of 65,288 square feet and consists of 69 units.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $63,600,000
- Loan Terms: 2+1
- Address: 722 Metropolitan Avenue
- Market: Williamsburg
The loan for this transaction was provided by Libremax Capital. The landlord of the property is SL Development, represented by Ray Steffen and Page Leidy. The brokers involved in the deal were Chris Peck, Pete Rotchford, and Kristen Knapp from JLL.
On the Map
$63,600,000
$974/SF
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93