Ruben Izgelov & Solomon Lieberman Provide $3,394,000 Construction Loan For 9-Unit Condo Development In Brooklyn
$3,394,000
Units
9
Asset Type
Condo
Closing
Aug 1, 2026
About this deal
AI
The asset involved is a residential condo development located in Brooklyn, comprising a total of 9 units. The project entails a conversion from a 3-unit property, utilizing air rights for maximum buildout. The anticipated After Repair Value (ARV) of the completed development is $8,800,000.
Summary of transation details:
- Property Type: Residential Condo Development
- Transaction Amount: $3,394,000
- Construction Budget: $2,490,000
- Units: 9
- ARV: $8,800,000
- Lender: Ruben Izgelov & Solomon Lieberman - We Lend LLC
- Loan Type: Construction
- Borrower Experience: Licensed general contractor with condo conversion experience
Key participants in the deal include Ruben Izgelov and Solomon Lieberman, representing We Lend LLC as the lenders facilitating the construction loan. The borrower is a licensed general contractor, possessing relevant experience in both condo conversions and ground-up development, which contributes to the project's viability.
Players
Market Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.67%
Cash-on-Cash
-1.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93