Gotham Commercial Capital Arranges $16M Construction Loan For 1 Putnam Ave Development Site
1 Putnam Avenue
$16,000,000
Building Size
—
Asset Type
Development Site
Closing
Feb 22, 2024
AI
The development site located at 1 Putnam Avenue in Clinton Hill, Brooklyn, with a total buildable square footage of 54,000 was involved in a recent transaction. The property was the subject of a $16,000,000 construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,000,000
- Lender: Popular Bank
- Landlord: Abe & Joseph Betesh
- Broker: Shai Denburg - Gotham Commercial Capital
The loan for the development site at 1 Putnam Avenue was provided by Popular Bank. The landlords, Abe & Joseph Betesh, were involved in the transaction along with the broker, Shai Denburg from Gotham Commercial Capital.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93