Updated Dec 4, 2024
Jack Elo Secures $21.5M Loan From Hirshmark Capital For Brooklyn & Manhattan Portfolio
278 Butler Street, 286 Butler Street & 6 West 48th Street
$21,500,000
Building Size
—
Asset Type
Commercial
Closing
Nov 8, 2023
About this deal
AI
Developer Jack Elo has secured a $21.5 million loan from Hirshmark Capital for a portfolio of properties located at 278-286 Butler Street in Brooklyn and 6 West 48th Street in Manhattan. The loan was obtained on November 8, 2023.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: $21,500,000
- Lender: Mark Levin - Hirshmark Capital
- Landlord: Jack Elo
- Market: Brooklyn & Manhattan
The loan from Hirshmark Capital was secured by developer Jack Elo for the acquisition and development of the properties at 278-286 Butler Street and 6 West 48th Street. The commercial asset is located in both Brooklyn and Manhattan, two prominent real estate markets. The transaction highlights Elo's ability to secure significant financing for his development projects.
Players
Brooklyn Commercial Market Snapshot
Boundary boundary · Commercial · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93