Bank Leumi Provides $72M Loan For Condominium At 510 Driggs Avenue, Williamsburg, Brooklyn
510 Driggs Ave, Brooklyn, NY 11211, USA
$72,000,000
$4,114/SF
Building Size
17,500 SF
Asset Type
Condo
Closing
Nov 11, 2019
About this deal
AI
The property involved in this closed transaction is a condominium located at 510 Driggs Avenue in Williamsburg, Brooklyn. The transaction took place on 11/11/2019. The property is owned by Northlink Capital, with the loan provided by Bank Leumi. The total loan amount for this transaction was $72,000,000.
Summary of transaction details
- Property Type: Condominium
- Transaction Amount: $72,000,000
- Market: Williamsburg, Brooklyn
The brokers involved in this deal were Morris Betesh, Justin Boruchov, and Alex Bailkin from @Meridian.Capital.Group.
The condo loan at 510 Driggs Ave, Brooklyn, NY 11211, USA in Brooklyn, New York financed for $72M in 2019. The building is 17,500 square feet, implying about 4.1K per square foot on the published price. Morris Betesh, Justin Boruchov, Alex Bailkin, Meridian Capital Group appear on the loan alongside Meridian Capital Group. This page is the Brooklyn, New York file for the 510 Driggs Ave, Brooklyn, NY 11211, USA condo financed: pricing, party profiles, and other closed condo comps from the same Brooklyn sit in the Market section below. Filter that Brooklyn condo set by closing date to see what else financed near 510 Driggs Ave, Brooklyn, NY 11211, USA around 2019. Published consideration for 510 Driggs Ave, Brooklyn, NY 11211, USA is $72M, dated 2019. Cite this Bank Leumi Provides $72M Loan For Condominium At 510 Driggs Avenue, Williamsburg, Brooklyn loan when underwriting similar condo product around Brooklyn, New York.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93