ConnectOne Bank Provides $2.8M Refinance Loan For Fractured Condo In Brooklyn With Meridian Capital Group
710 Grand Street
$2,800,000
Building Size
—
Asset Type
Condo
Closing
Mar 11, 2026
About this deal
AI
The asset involved in this transaction is a fractured condominium located at 710 Grand Street in Brooklyn. The property is noteworthy for its potential to be further developed by experienced developers in the area.
Summary of transaction details:
- Property Type: Fractured Condo
- Transaction Amount: $2,800,000
- Lender: ConnectOne Bank
- Loan Type: Refinance
- Brokers: Dovi Levy & Brian Flax - Meridian Capital Group
Dovi Levy and Brian Flax from Meridian Capital Group facilitated the financing arrangement for the developer, emphasizing the provision of liquidity through refinancing an asset that had no existing debt. This financial maneuver allows the borrower to pursue additional development opportunities in East Williamsburg.
On the Map
$2,800,000
Condo
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Players
Brooklyn Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93