Richie Zav Secures $7.6M Equity Loan For Bushwick Development Site

The development site located at 107 Schaefer Street in Bushwick, Brooklyn consists of 16 condo units with a total buildable square footage of 15,501. This property includes 16 apartments/condos with 9 parking spots in an elevator building.

Summary of transaction details:

• Property Type: Development Site (16 Condo Units)
• Transaction Amount: $7,626,000
• Address: 107 Schaefer Street
• Market: Bushwick, Brooklyn
• Lender: EnCap Investments
• Landlord: Richie Zav
• Loan Type: Equity

Richie Zav, the landlord, is involved in the acquisition and loan for this property. He mentioned that this development will be one of the highest price per square foot sell-outs in the Brooklyn Bushwick area. Additionally, Richie Zav is currently developing over 650 apartments primarily in Brooklyn and welcomes investors for land or multifamily deals. Furthermore, the note from the developer wishes a happy Purim.