Solomon Jacobowitz Secures $24.5M Construction Loan For Williamsburg Condo
103 N 10th St Brooklyn, NY 11249, USA
$24,500,000
$480/SF
Building Size
50,971 SF
Asset Type
Condo
Closing
May 16, 2023
About this deal
AI
Solomon Jacobowitz secured a refi loan valued at $24.5 million from Greystone & Co for a 39-unit rental condo located at 103 North 10th Street in Williamsburg, Brooklyn. The condo, spanning 50,971 square feet, is situated in a prime location in the vibrant market of Williamsburg.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $24,500,000
- Address: 103 North 10th Street, Williamsburg, Brooklyn
- Market: Williamsburg, Brooklyn
- Asset Type: Condo
- Square Footage: 50,971
- Lender: Greystone & Co - N. Tyler Darby
- Landlord: Solomon Jacobowitz
- Loan Type: Construction
N. Tyler Darby from Greystone & Co represented the lender in this refi loan transaction, ensuring the successful refinancing of Solomon Jacobowitz's rental condo in Williamsburg. The loan provided Jacobowitz with significant funds to support the construction and maintenance of the 39-unit condo.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93