Urban Standard Capital Secures $3.7M Loan For Condo Conversion At 85 Douglas St. In Brooklyn
85 Douglas Street, Cortland, NY 13045
$3,700,000
$1,480/SF
Building Size
2,500 SF
Asset Type
—
Closing
Jan 27, 2019
AI
Colorado Federal Savings Bank provided a loan worth $3,700,000 for the condo conversion at 85 Douglas St. in Brooklyn. The conversion project was overseen by Seth Weissman, the developer and landlord representing Urban Standard Capital. The transaction was facilitated by Eric Gleitman from Mercury Capital Markets.
Summary of Transaction Details:
- Property Type: Condo Conversion
- Transaction Amount: $3,700,000
- Lender: Colorado Federal Savings Bank
- Developer/Landlord: Seth Weissman @UrbanStandardCap
- Broker: Eric Gleitman - Mercury Capital Markets
The financing deal involved a loan provided by Colorado Federal Savings Bank, while the condo conversion project was carried out by Seth Weissman from Urban Standard Capital. Eric Gleitman, representing Mercury Capital Markets, facilitated the transaction.
Players
Cortland CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.29%
Cash-on-Cash
-1.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93